The Dow can tank to 6500 all its wants....in the short term it...

The Dow can tank to 6500 all its wants....in the short term it will effect the SP of FAR but as oil consumption has fallen by only 1.8 million barrels at day in 2009 it won't really matter.

One thing I would bet everything on....we aren't replacing oil reserves as fast as we are consuming the stuff.

http://www.eia.doe.gov/steo

Consumption. World oil consumption remains weak because of the global economic downturn. Based on revised data and a re-estimation of the impact of the economic slowdown on oil consumption, EIA has reduced its forecast for world oil consumption from the fourth quarter of 2008 through the end of the forecast period. World oil consumption is now projected to fall by 1.8 million barrels per day (bbl/d) in 2009, a decline that is 0.4 million bbl/d larger than the decline projected in last month’s Outlook. The forecasts for Asia and the Former Soviet Union (FSU) show the largest revisions. In total, OECD oil consumption is expected to fall by nearly 2 million bbl/d in 2009, with oil consumption in Japan alone expected to fall by over 0.5 million bbl/d in 2009. Partially offsetting declining OECD oil consumption is a growth of 0.2 million bbl/d in non-OECD consumption, particularly in the Middle East, China, and India. World oil consumption is expected to grow by 0.7 million bbl/d in 2010, on the back of a rebound in global economic activity next year (World Liquid Fuels Consumption).