There's much talk of a tipping point in this WSJ article (HT: Glenn Reynolds), which notes that in 2006 oil consumption dropped in the developed countries dropped for the first time in twenty years. It's funny how consumption responds to price, eh? Last year I put 4554 miles on my '95 Trooper, and I bet this year the number will be even lower. One swallow does not a summer make, but I for one wouldn't complain if oil-producing countries like Saudi Arabia, Iran, and Venezuela started to feel the pinch of reduced demand...

Peter Saint-Andre > Journal