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I am not sure you can conclude that there was demand destruction. There was oil demand destruction becuase the refineries were offline, and gasoline supply was provided by the European emergency storage. That took care of the last weeks of the driving season.

Now what will happen this winter is still an open question.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Tue Nov 22nd, 2005 at 05:56:20 AM EST
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I would hope that, if for any reason the EU finds itself with a shortage of crude oil, the US will open its oil reserves for us like the EU-mandated gasoline reserves were tapped to help the US.

Idle hopes, I know.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman

by Migeru (migeru at eurotrib dot com) on Tue Nov 22nd, 2005 at 06:02:26 AM EST
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