Demand Destruction

Presumably pro sports teams and tourists will continue to jet around America. Salads will still travel thousands of miles to your plate. Speculators will continue to build 5000 sq ft homes in the Burbs. And not one business will be threatened with bankruptcy so long as nobody panics, so long as no bubbles burst, so long as the economy continues with business as usual and everybody goes to church.

Demand destruction will occur in those countries that can’t afford oil. Demand destruction will occur in farmers fields and Third World slums. America will eat turkey, watch football and give thanks to the Lord while millions starve, while millions starve outside a privileged world where oil is still fungible.

Al-Jazeerah