A contrarian view: high oil price + high oil demand

Think you can have higher oil prices and still have high demand?That sounds counterintuitive, but one contrarian energy economist thinks so. UK-based Andrew McKillop is convinced that sustained high oil prices do not necessarily cause oil demand to decline over the long term.He is equally convinced that the world is in for a prolonged period of oil prices of $50/bbl or more (in 2003 dollars) and yet that oil demand will continue to rise.McKillop contends that the interaction of oil price and demand signals have been misread historically. This sets the stage for perpetually mistaken demand forecasts, he says.And, as a subscriber to the theory that an imminent peak in world oil production i...

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