Demand Destruction is here now

you know, the only thing that will keep oil demand flat for 12 months is 0% world gdp growth, THE ONLY THING
 
Europeans are used to high gas prices, so I don't see your point.

Gas prices have always been high in Europe and their economy is not dependent on cheap oil like it is in America, as they have a much better public transportation system and cities are more compact.
 
Quote from forextrades:

Europeans are used to high gas prices, so I don't see your point.
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wow

thats the beauty of the point how can you miss it?

if they are so used to high gas prices, why did UK drivers cut back 20%?

surely they would just pay the high price and behave exactly as they did previously?

point is they didn't.
 
Quote from jasonjm:

why did UK drivers cut back 20%?

surely they would just pay the high price and behave exactly as they did previously?

point is they didn't.
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If only that were true, but unfortunately it's just some journo getting carried away.

If you'd read the comments you would have found this:

"Contrary to what the article states, I made it very clear to the interviewer that we should not extrapolate from a single data point (March, which shows a 20% year-on-year fall), which is liable to be revised. In addition, April deliveries were probably higher as Easter occurred in April, rather than in March. As such, the March-April average would be in line with January and February - an 8% drop, rather than the 20% decrease that the story reports, and more in line with current market conditions.
I would be grateful if you publish this comment in the benefit of your readers.
Eduardo Lopez, Senior Oil Demand Analyst, IEA
Posted by Eduardo Lopez on June 11, 2008 2:24 PM"
 
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