Now that oil prices has halved, can you truly contribute the price drop to lower demand?
Wednesday, November 25th, 2009
M. Strangerman asked:
Because oil was at $147.27 in July, that figure has been halved. During this time the American public was urging people to cut down on oil consumption in retaliation to the price drop and to save money. Do you believe that this contributed heavily to the price drop, and if so is this a good weapon to use against OPEC and other oil producing nations not part of OPEC as a grassroots level of economic sanction?
Because oil was at $147.27 in July, that figure has been halved. During this time the American public was urging people to cut down on oil consumption in retaliation to the price drop and to save money. Do you believe that this contributed heavily to the price drop, and if so is this a good weapon to use against OPEC and other oil producing nations not part of OPEC as a grassroots level of economic sanction?
After all, capitalism is prevalent in our world and people want to make money. They certainly DON’T want to lose business.
All very good answers! I’m not an economist, so I apologize for being general. I’m just some guy on the sidelines making observations and calling it like I see it.
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