Analysts: Demand destruction ‘overblown’

Energy market concerns about price-driven demand destruction are “way overblown,” and oil demand has “held up remarkably well in the face of record oil prices” so far this year, said analysts in the Houston office of Raymond James & Associates Inc.The US Energy Information Administration and Paris-based International Energy Agency blamed high fuel prices when each reduced its projection for oil demand growth in 2005 (OGJ Online, Oct. 13, 2005).“Obviously, despite the inelastic nature of petroleum demand, we cannot escape the reality that $60 oil induces consumers to conserve energy usage, modestly curtails consumer spending (ex-energy), and encourages bus...

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