[Prokopton]

No, most of this is consumption based. Demand has dropped like a rock.

No it hasn't The IEA predicts growth of .1% for 2008 and .4% for 2009. A slowing in the increase of demand but certainly not dropping "like a rock".

[rb22982]

Almost all of that "growth" was from Q1. It's dropped hard in Q3 & Q4 which is when the price has plummetted. This article says in some weeks it's been down 10%. IEA doesn't believe the globe will have a recession next year.