We cut consumption, they cut production. Who blinks first? Is it possible for the US, India and China to restrict their demand for oil enough that OPEC will have to maintain production just to balance their books? Where will this game of chicken end? Short term? Long term we have to stop using Mideast oil, period. That’s the only way to reduce these people to irrelevance. But can we do it sooner? Has the last big price hike actually made people actively conserve?
Discuss. I’m interested to hear the opinions of people who study this stuff, because I’m borderline clueless here (among other places. )