HP Impact: HPImpact: World transportationfuel demand resilient despite high prices
The world has experienced high oil prices for a relatively brief period. "Therefore, it is premature to claim that the type of record prices seen earlier this summer will not ultimately lead to demand..
The world has experienced high oil prices for a relatively brief period. "Therefore, it is premature to claim that the type of record prices seen earlier this summer will not ultimately lead to demand destruction at a global level," according to an analysis from CERA.
However, at an aggregate level there is little evidence that high prices have had more than a moderating impact on global demand growth, says this report. "Resilient demand growth, especially for transportation fuels, combined with lagging additions to world refining capacity will keep the downstream market tight through 2007."
Despite retail gasoline prices that, in real terms, have broadly matched all-time highs from the
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