Filed under: Uncategorized | Tags: Brent, energy demand, North Sea, oil consumption, oil demand, oil price predictions, peak oil, the breaking point, US oil demand
Via Stuart Staniford’s Early Warning:
However, it’s also worth noting that the price required to make consumption decline has increased over time. In 2006-2007, prices of around $70 were enough to make oil consumption flatten and then decline. However, in late 2009 and 2010, similar prices obtained while consumption continued to rise. It took the rise to over $100 in spring 2011 to get consumption to start to decline again.
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