Thursday, June 2, 2011

oil demand destruction

The CEO of Gulf Oil was on CNBC this morning. He stated flat out that he sees demand destruction building in the oil market. He states that he believe that "supply and demand have turned a corner".
Given that the head of a major oil producer has a vested interest in high oil prices, I can only take this as a significant statement, and one that does not bode well for the U.S. economy.

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