Originally Posted by
Judge Smails
You're not following. Global daily consumption was 85-86 mbpd in 2008. We're at 105-106 mbpd today. The oil market is also not segmented into nations. It's global, we're all holding hands in this.
It’s was 105-106 at $60.
Your average steak consumption per year is at a specific price point. If you eat 20lbs of ribeye per year it was at a price point and not at all price points.
Demand falls hard when oil goes up, some dude somewhere cancels driving 300 miles one way to buy a boat that’s burns 30gph.
Gas by my house was $2.20 a gallon before this by my house. Drive that backwards to 2008 and see how cheap it is to cause more demand.
The consumption “snapshot” makes the straight look more important and gives iran more to hold out.