There you have it, ... from WSJ:
The world economy has managed, with some indigestion, to swallow the rise of oil prices past $80 a barrel. How well could it survive $100 a barrel?
The answer is quite well -- [...]
[...] Demand is chugging along. The Paris-based International Energy Agency sees world oil demand in the fourth quarter rising by 2.8%, or 2.3 million barrels a day from a year ago, to nearly 88 million barrels a day.
How Economy Could Survive Oil At $100 a Barrel
Think about this! ... Nearly 88-million bbs/d, ... yet in August 2007 world was producing only, ... oh, about 84.6-million bbls/d, ... and that is less - by about 850,000 bbls/d then produced in August 2006. No foolin', ... that is what the same IEA is reporting!
Phlunkin' maroons - both, WSJ and IEA!