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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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