Quote:
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Fresh data from the International Energy Agency show oil consumption in the 30 member countries of the Organization for Economic Cooperation and Development fell 0.6% in 2006. Though the decline appears small, it marks the first annual drop in more than 20 years among the OECD countries,
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Just my opinion, but I would bet that this is a result of very high prices in 2005 and the first half of 2006. I'd lay good odds against an actual decline this year, especially if prices stay around $50/bbl. US consumers are nothing, if not short-sighted. SUV sales plummeted in 2004 to early 2006 - any bets on a recovery in that sector?
I think the article is remarkably poorly informed for the WSJ, at least from what is posted. If you look back to oil consumption declines in the early 80's during the last big price spike, OECD consumption actually fell over 5% from 1980 to 1981, and by nearly 12% by 1983. In fact, OECD consumption did not surpass 1980 levels until 1991 - remarkable really IMO. The OECD reaction to the latest price run-up (now over) was almost stunningly muted by comparison.