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Yes, but the problems is that demand will be growing in the meantime. China and India are at a point where car ownership is increasing a LOT faster than economic growth, so their demand for oil will increase even in an economic slowdown.

As we've seen in the past year, oil demand is very unelastic: prices have tripled, and yet demand has been growing at a record pace.

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

by Jerome a Paris (etg@eurotrib.com) on Sun Jan 22nd, 2006 at 11:53:46 AM EST
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