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COMMENTS: Demand Destruction
The cost of a barrel of crude oil has fallen $27 in a single month from its record high. It is now just $119. CBS' Anthony Mason and ABC's Betsy Stark (embargoed link) were assigned to a reporting Economics 101 to explain the decline. Price falls as demand weakens: "For 15 straight weeks now, we have pumped less gasoline than we did a year ago," Mason declared. Stark agreed that falling demand explains why prices are falling "but not why they are falling so fast." That, she suggested, "has a lot to do with so-called oil speculators now taking profits on the belief prices have peaked."
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