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is nothing - it's just a symbolic level. But in practice, it's only 50% above current levels, which are 250% above what they were a few years ago. So $100 oil won't make a material dent in our behavior. $500 oil might, for a while.

What matters is not the absolute level, but how fast it changes - changes that we notice (i.e. overnight 50% increases, or steady 20% per year increases) make us change our behavior.

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

by Jerome a Paris (etg@eurotrib.com) on Wed Jun 20th, 2007 at 05:52:15 AM EST
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