I've been writing all along that at some point, we'll probably see a repeat of 1982. But don't tell that to speculators, doomers or Green extremists because it does not support their agenda.
from: http://www.forbes.com/associatedpress/feeds/ap/2005/08/18/ap2184739.html
But the American Petroleum Institute reported Wednesday that U.S. oil demand fell 3 percent in July compared to the same month last year, while gasoline deliveries fell 0.8 percent, an indication of slowing demand."
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Today, some traders are calling the week's earlier moves an "overreaction". This quote seems to belie that attitude. There will be an adjustment of peoples' consumption patterns, as the above quote demonstrates.