Will $80 Oil Destroy Demand?

Oil prices at $80 a barrel are, in theory, good for the budgets of major oil-exporting countries. But prices at their highest level in three years could soon prove to be too good to be true for producers. Major importers generally draw the line at $80 oil, while the recovering global economy may be unable to sustain soaring energy costs with higher oil prices on top of record prices of natural gas, coal, and electricity in both mature economies in Europe and developing economies in Asia. As soon as oil briefly hit $80 a barrel on Tuesday - the…