Energy is such an essential requirement for mankind these days, especially in a compact energy dense form like oil that at these price levels, crude demand is almost inelastic. Crude has to get to $300-400/barrel before people start to cut back on demand IMO.
It is that valuable to the worldwide economy that demand will hardly go down as prices go up until you get to around $300/barrel.
It is that valuable to the worldwide economy that demand will hardly go down as prices go up until you get to around $300/barrel.
