Opening up drilling will have no impact

[MikeWaters]

Originally Posted by BYU71

Nope missed it. Could you provide the day they said that. I would appreciate it.

Many people have been saying demand is going down for weeks and yet nothing happened. Maybe the right people finally heard it.

So I guess it is a perception of supply and demand either way. You know OPEC saying useage is going down next year is a projection on the future as it pertains to supply and demand.

The cartel also predicted a drop in demand for OPEC crude next year to 31.2 million bpd from over 32.3 million bpd currently, leading to "a significant build in inventories" in 2009.

"Combined with increasing OPEC capacity, (this) should further ease market conditions and likely help moderate prices," the report said.

http://news.yahoo.com/s/afp/20080715...s_080715113241