Europe Oil Demand at 1995 Lows as Prices Bite

- May 25th, 2011

Reuters reports that this year, European oil consumption will fall to its lowest since 1995.

Reuters reports that this year, European oil consumption will fall to its lowest since 1995.

The market news is quoted as saying:

Efficiency gains have reduced European oil demand over the past five years. Crude price changes do not normally have as much impact on retail demand as in the United States because tax in Europe makes up a much larger share of total fuel costs.

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