china and india might as well be in recession if we/Europe are too.
The reality is that world demand or not, it is well known what people will and wont do with regards to energy use, and it is also well understood how much the big users can be squeezed.
Upside down mega-V8 truck owners still drive 85 and dont think twice about fuel costs, they just chargeit to their 24% credit card.
This is the ultimate scenario for traders... use "uncertainty", "anticipated demand" and similar buzzwords as an excuse to price gouge and trade up the costs since they can squeeze the majority of drivers here in the land where we consume about 1/4 of the world's oil production.
Talk about a great scenario for squeezing dimes... a bunch of idiots exercising their rights to drive, drive fast, and drive overpowered guzzlers because they "deserve it", and "it's fun". OK, whatever, they laugh at us all the way to the bank, since they can just trade the price up and up and we keep on paying with money we dont have.
Glad Im on the profit end of this scenario, I just laugh at everyone, all the way to the bank too. Go ahead and honk if you dont like me doing 4 over the speed limit(or just at the speed limit on some 65 MPH and most 70 roads). My bottom line is more important than their rush.
JMH