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Posted by jj on May 27, 2004 at 13:21:42:
In Reply to: rubbishes my theory eh ? posted by Mike on May 27, 2004 at 12:11:15:
I agree with most of your comments but I was focusing on the point you made on what was driving the oil price rises. I jst wanted to point out, although they are very inefficient, SUVs do not drive the oil price market. Oil traders tend to look at output from OPEC and non-OPEC coutries, world economy activity, the energy generation mix (i.e. coal v. gas v oil v. nuclear)
I can assure you oil prices is not determined by SUVs (or Chelsea tractor drivers, as they are called in London.