NJ5 on 08 October 2008
"When the U.S. starts shifting away from oil"
When do you figure that could happen? I'm highly doubtful that people will move away from oil until they really have to (due to high prices). Therefore, I doubt there will be any sudden, sharp and long lasting changes to the price of oil.
U.S. demand for oil has already fallen due to high prices, but I don't think it was a permanent change... Since prices already went down a little, people will forget about conservation and will keep guzzling gas.
The recession should also be mentioned though, and this is something that can defniitely put a dent in oil demand due to slowing businesses and people getting poorer.
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