They say “demand is down.” Well, I’d like to see American and world-wide monthly production/consumption figures. Then we’d know whether the high price in the summer was speculation or manipulation, or at least a goodly portion of it.
Thackney, any info?
I would look at the data from EIA and IEA.
http://www.eia.doe.gov/emeu/international/contents.html
OPEC also provides decent global data in their monthly market reports.
http://www.opec.org/home/Monthly%20Oil%20Market%20Reports/2008/mr102008.htm
I think when they say “demand”, they mean ridiculous speculatory demand from investors who never intend to receive any oil.
Less construction, at least in my area, is responsible for a huge drop in demand. Since there are fewer houses being built there are fewer vehicles. No streets being paved, no concrete being poured, no trash bins being hauled (the big ones, used at the construction sites), no porto-johns being hauled and emptied, no city inspectors, no phone/satellite/cable/utility trucks... You get the picture.