High oil prices are certainly putting downward pressure on demand in the US and in other countries where the market is allowed to work, as opposed to countries that have fuel subsidies in place for consumers. Some Asian governments, though, have recently removed or reduced their oil subsidies.So, is widespread price-driven oil-demand destruction inevitable? And will prices fall?Now that oil prices have reached record highs in both nominal and real terms, the International Energy Agency is looking at how these prices are affecting global economic growth and overall oil demand.It is apparent that high prices are having an effect on demand, but it is important to look at how expensive oil ha...