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284 comments on A State of Emergency
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284 comments on A State of Emergency
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GAIA Host Collective
I'm not sure you understand what "demand destruction" means.
It does not mean "demand falls faster than supply". It means "price dampens demand". Indeed, demand destruction can occur even when demand is increasing - if 2% demand growth is expected and only 1% growth occurs due to high prices, that "missing" 1% is due to demand destruction.
Given that, demand destruction has already been happening for several years, particularly among the rich (and oil-prolifigate) nations; OECD demand is the same as it was in 2003 (by EIA numbers).
So?
Reduced US demand means reduced US money going overseas to pay for imported oil means lower burden on US citizens means less hardship. Import prices will be high (if other nations also conserve) or higher (if they don't), but in either case the US will unilaterally benefit from conservation through the simple expedient of having to pay less.
You keep claiming that; I'm not sure if you realize that that doesn't make it true.
Conversely, it doesn't make it false either!