“High oil prices really aren’t great for anybody,” Kevin Birn, vice-president at energy consultancy IHS Markit, told the Calgary Herald’s Chris Varcoe. “In energy-producing regions, there’s a lot of interest and excitement about prices when oil pushes past $80.
“But the longer-term consequences are also not good, even for the producers … People will try to reduce their use of energy because it’s eating into their disposable income too much and so you get demand destruction.”
