Thought this was interesting on CNN:
"Roughly two-thirds of new oil demand is coming from countries that have subsidized oil markets," said Christopher Ruppel, a senior geopolitical analyst with the consulting firm John S. Herold. "So demand is not going to be affected if oil goes from $60 a barrel to $80."
http://money.cnn.com/2007/05/04/news/economy/gas_demand/index.htm?postversion=2007050417