Crude oil is a notoriously inelastic commodity—whatever its price, consumption does not vary greatly. Yet per a notorious industry joke, the only cure for high oil prices is higher oil prices. And we seem to be nearing the point of demand destruction as oil-dependent economies begin to slow down in response to rising prices. The first signs are emerging in fuel consumption and financial markets. A Wall Street Journal report from this week noted that U.S. drivers are beginning to curb their gasoline consumption in response to prices that earlier…
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