Editorial: Stress vs. emergency

Market trends never last unless governments try to reverse the ones they dislike. While no one expects crude oil prices to plummet anytime soon, adjustments have begun. Governments should let them work.This year, global oil demand growth, paced by China and the US, has outrun expectations and strained supply. Lately, the American side of the demand dynamo has begun to cool.The main component of US demand strength has been gasoline. Until the past few weeks, gasoline use this year had run strongly ahead of corresponding levels of 2003. Now they about match 2003 robust levels, according to data reported by the US Energy Information Administration. EIA expects year-over-year gasoline demand ...

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