Jeffrey Rubin
Jeffrey Rubin
coming demand global growth huge income percent price relationship uncertain virtually
About 42 percent of the growth in global demand is coming from China, where there is virtually no price sensitivity to demand. There's a huge relationship to income growth there, but a very uncertain relationship to price at all.
drew living night turkeys
Part of what drew us here is the wildlife. Every night we see deer, bears, turkeys and coyotes. It's like living on the Serengeti.
apparent demand happens huge increases price reduction rein relatively small though
When you juxtapose that with the apparent insensitivity of the demand curve, then what happens is that even though it's a relatively small reduction in supply, you need huge price increases to rein in demand.
barrels estimate higher impacts million next per squeezed year
We estimate that 1.8 million barrels per day of consumption must be squeezed out next year through the impacts of higher prices.