Why, and at what price for oil, does world wide demand decrease?

I remember the gasoline shortages of the 70's. What was the price of oil per barrel then? What price does that equal in todays prices, figuring the inflation rate?Why, and at what price for oil, does world wide demand decrease?
My link below says that the price of oil per barrel was $38 dollars in 1980 which would mean in todays dollars it has the same purchasing power as $99.07 according to the bureau of labor statistics consumer price index page.





http://www.bls.gov/CPI/


(in the link click inflation calcuator to measure other numeric figures)








But to answer your question, the price of il per barrel in 1970 was $12 according to wikipedia.


http://en.wikipedia.org/wiki/1973_oil_cr鈥?/a>





In today's prices that would mean $66.44 dollars today.








Interesting links:





http://www.fintrend.com/ftf/Articles/Oil鈥?/a>


Explains why high oil prices are not crippling our economy just yet.Why, and at what price for oil, does world wide demand decrease?
World Demand increases because 1.3/billion people in China and 1.0/billion people in India are moving from Mud Huts and Bicycles to Automobiles and Condos. They need energy and are straining the demand side of the equation.





Life would be good if we could get them to go back to bicycles.
MY ADVISE TO YOU IS PREPARED TO MAKE SOME MAJOR CHANGES IN YOUR LIFESTYLE BECAUSE IT IS ONLY GOING TO GET WORSE.