[Crazieman]

No, most of this is consumption based. Demand has dropped like a rock. The downward pressure of a contracting US economy exerts more force than upward pressure of imminent drilling bans by the Zero.

[babygene]

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

My guess would be that consumption is not off more than 5%. 10 at the most...

[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".

[gusopol3]

Demand has dropped like a rock

do you have some numbers on that? How much below 20 m barrels/day are we? I do know oil peaked 7/11 and Bush rescinded the drilling ban 7/14, and it never recovered, though it bounced around for awhile.

[IYAS9YAS]

No, most of this is consumption based. Demand has dropped like a rock. The downward pressure of a contracting US economy exerts more force than upward pressure of imminent drilling bans by the Zero.

Exactly that. Construction is at a standstill in many areas. No construction means a whole lot less fuel consumption.

[Jeff Head]

The falling prices coincided with the talk of drilling. I understand that consumption is a definitie part of it...but OPEC fears our drilling and becoming self sufficient...they are and will be trying to get out in front of that.

Either way, we move forward with drilling, and oil shales, and LP, and we solve the problem of OPECs influence and control.