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January 19, 2007
Newsflash: Markets Work, Even in Oil
Gosh, higher prices do change people's behavior:Mild winter weather has something to do with it. So does heavy selling by financial funds. But a largely overlooked factor in the recent plunge in oil prices may portend an end to the multiyear rise in crude: For the first time in years, the developed world is burning less of it.[IEA via WSJ]
Fresh data from the International Energy Agency show oil consumption in the 30 member countries of the Organization for Economic Cooperation and Development fell 0.6% in 2006. Though the decline appears small, it marks the first annual drop in more than 20 years among the OECD countries, which drain close to 60% of the 84.4 million barrels of oil used globally each day.
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Are you SURE it wasn't the OIL BUBBLE popping just now? A decline of 25% in under 3 months?
Somehow this commodity gets a pass from all the bubble talk?