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It is quite obvious that high oil prices in the last 3-4 years
Fig 1: WTI spot prices to 23/1/2015
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=rwtc&f=w
have reduced demand for oil, as shown in this IEA graph for OECD countries:
Fig 2: Oil demand in OECD countries Oct 2011 – Sep 2014
https://www.iea.org/oilmarketreport/omrpublic/charts/
So which oil is affordable? Let’s use a graph of the Monetary Policy Report (January 2015) of the Bank of Canada (which would be favourable to Canadian tar sands)
