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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