On Feb 18, 2011, at 9:04 AM, brad wrote:
> The usual way to account for it is that we had a financial crisis in 2008
> that made demand collapse. What's the hole in that argument?
>
> Michael
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
> So people stopped eating?
In the U.S., gasoline use peaked ahead of prices. Trend use maxed out in late 2006 and actually bottomed out in October 2008, just two months after the Lehman collapse. Gas prices peaked in July 2008 and then collapsed - and demand started rising shortly afterwards.
Doug