[rodguy911]

I think the "demand" for oil and oil products is much stronger that it is for more speculative markets which can be bought on a take it or leave it basis.

Next week I will "have" to spend $500 on gas for my van as I do business in the Southeast.

My buddy who bought 4 spec homes in Key West and is now stuck with them really didn't "have" to buy them. The demand for them was much "softer" than it is for oil. Just a guess.

[Sherman Logan]

I’m sure you’re at least partially right. Nobody “needs” a vacation home.

Interestingly, one of the reasons people are pissing and moaning so much about the price is that supply hasn’t been interrupted.

I worked three months in Gulfport after Katrina and was forced to stay in Mobile, commuting each day.

For the first month, gas was hard to get. At that point I couldn’t have cared less about the price. Only availability was important, since I really needed the gas.

Of course it helped that somebody else was reimbursing me for the gas.

[AndyJackson]

I think the "demand" for oil and oil products is much stronger that it is for more speculative markets which can be bought on a take it or leave it basis. Next week I will "have" to spend $500 on gas for my van as I do business in the Southeast.

You have illustrated the fact that supply and demand curves are highly inelastic, with guaranteed demand growth. This is a speculator's heaven.