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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (387435)5/30/2008 5:37:43 PM
From: Tenchusatsu  Read Replies (2) of 1575168
 
JFShepard, > That amounts to coincidentally 670,000 barrels a day or 1.0% of world market....for some reason in Bushes mind 1% would make a difference but 0.1% would not.

Given the nature of demand-inelastic commodities, a small change in the supply results in a big change in the price.

By the way, 670,000 barrels a day represents 3.2% of America's demand for oil and can cut oil imports by about 7%. Not a lot but it helps.

Tenchusatsu
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