To follow up on Bill's point, I was talking about worldwide oil consumption.  And when we had the embargo, oil consumption definitely went down worldwide.  It was only about a year or two, but I did see the data.  Now where it was I saw it, I cannot remember.

But I do agree with your general point.  Demand is darn inelastic for oil.  It takes movement of heaven and earth to get even a slight drop for a brief period of time, and lately it seems there are more mouths to feed.  So I don't see the elasticity of oil demand increasing anytime soon. 

But I am basically done with this topic.  I really don't know what else needs to be said, to bring home how the fundamental supply / demand picture for oil is bullish.  If someone does not see it by now, they are just going to miss the bull market in this commodity, and that is that.