Higher Energy Prices Signal New Period in Economy

摘要

Demand destruction - the new buzzwords in the energy business as oil and gas prices go higher and higher. Where will oil prices have to go to decrease demand significantly? Gasoline prices at the pump exceeding $2/gal have had little impact on lowering demand to date - U.S. oil demand in March was 2% higher than last year. As long as demand continues to rise, why should oil prices decline? Crude oil future prices for the near month reached a record $57.60 on March 17 and passed it briefly on April 1.