Ah, that works. Thank you. With global demand unning about 100 million bopd ...
"Demand destruction" has an interesting ring to it. To me, it simply means that over time we're using less crude oil for whatever reason. For me, "demand destruction" is simply "Economics 101." Much could be said.
"Demand destruction" in the earlier "shocks" was people driving less or buying smaller cars when fuel prices spiked; i'd say that's quite different than the "Demand destruction" due to Covid lock-downs...it makes an interesting graph but i wouldn't draw any conclusions from it...
one could also say World Oil Demand Destruction has been 3.11 BOPD Greater Than Supply Destruction in the two Price Shocks Since 2000
ReplyDeleteIf that's not a typo, I'm reading "three bbls of oil per day," globally.
DeleteOkay, 3.11. Wow.
yeah, it was a typo; it should be "Demand Destruction has been 3.11 million BOPD Greater Than Supply Destruction"
Deletei was just looking at his table and realized all the supply destruction he was referring to occurred before 1999...
Ah, that works. Thank you. With global demand unning about 100 million bopd ...
Delete"Demand destruction" has an interesting ring to it. To me, it simply means that over time we're using less crude oil for whatever reason. For me, "demand destruction" is simply "Economics 101." Much could be said.
"Demand destruction" in the earlier "shocks" was people driving less or buying smaller cars when fuel prices spiked; i'd say that's quite different than the "Demand destruction" due to Covid lock-downs...it makes an interesting graph but i wouldn't draw any conclusions from it...
DeleteAnd, of course, CAFE standards, government mandates.
Delete