Gavin Jackson
speaker
1,127 appearances
18 recordings
4 series
first heard May 2026
last heard 26 Jun
Gavin Jackson’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 18 in all, peaking in Jun 2026 with 10.
Appearances
And that was oil that was used for heat and power.
And the substitute was coal, natural gas, and nuclear power.
That was true demand destruction.
When you look at the way oil is consumed today,
Now, about 74% of it is for transportation fuel, around 24% of it is for petrochemical feedstocks, heat and power really just 2% globally.
And most of that use is pretty well locked in owing to typical constraints like the Northeast US, Germany, the home heating oil markets kind of locked in because access to other fuels really isn't there.
So to get true demand destruction, you have to either invent fusion in a jar or some other Star Trek type of technology where transportation fuels and or making pet chems out of oil-based starters goes away.
And if you look at oil demand, and we've done this and published this,
It's a commodity that kind of defies the rules of economics because you're taught in any level course, whether it's as an undergraduate or graduate level doctor level about something called elasticity.
So the price of chicken goes up 10 percent and demand for chicken goes down 10 percent.
You say it's very elastic.
price of chicken goes up 10% and demand goes down 1%, you would say it's inelastic or not so elastic.
Oil, price of oil has gone up and demand has gone up.
It is a perfectly inelastic commodity because of the way it's used.
It's locked in.
So people, you know, my contemporaries have been saying for more than a dozen years that China oil demand is going to stop growing.
The IEA started publishing a report a few years ago, oil demand is going to stop growing.
And this is kind of like normative economics, you know, what people think is good or should happen as opposed to what the data tells you will happen.
And even in this last couple of months, people have been saying, oh, there's demand destruction and they're they're just wrong.
And again, it's not me trying to be arrogant or, you know, the professor here, but it's just plain wrong.
Showing 541–560 of 1,127 · page 28 of 57
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