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Count on demand destruction coming not primarily from transportation anywhere, but from power and industry in the developing world as they switch over to much cheaper alternatives like coal (why do you think China builds a coal plant a week?). A coal boe is still $10-15.

There's about 15 mbpd to cut here, and that's gonna happen even if oil prices fall by a third. And it might happen fast. The OECD cut 8 mbdp in non-transportattion demand in 1979-1984.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Thu Jan 3rd, 2008 at 06:51:34 AM EST
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