Is the sun setting on oil sector’s heyday?

Global pledges to slash use may put long-term pressure on prices

U.S. President George W. Bush is not alone in promising policies that would slash oil demand — the European Union and China have also set ambitious efficiency targets.

“If I was a producer, I would be really, really concerned,” said Paul Ting, a long-time Wall Street energy analyst who now runs his own consultancy. “There’s not going to be demand destruction, but there will be erosion, and that is going to be a big problem for them.”
Globe and Mail