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Thursday, April 17, 2008

That's STILL over 1,000 Barrels Per Second!

I noted last week that with the IMF lowering its forecast for US economic growth -- to 0.5% from a previous estimate of 1.5% -- the International Energy Agency is lowering its forecast for global oil demand.

The Paris-based energy agency now expects the world to use 87.2 million barrels per day.

But that's 3.63 million barrels per hour ... 60,555 barrels per minute ... and 1,009.25 barrels per second.

So even with an economic slowdown, we're still going to use 1,000 barrrels per second of a finite resource.

That, my friends, is how you get to $200 per barrel oil.

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