Posted 5/11/2011 12:35 (#1769683) Subject: Demand destruction has now started in earnest
Wyoming
The old saying is that "the cure for high prices is... high prices."
Today's EIA release shows that, as expected, $4/gal gasoline is a psychological threshold for consumers. Crude inventories built at a far faster rate than expected, and gasoline consumption fell off rather quickly. Crude is down over $4/bbl as I type this.
Demand destruction has now started in earnest
