In theory, the demand for oil should decline in the wake of a recessionas drivers become more conscious of higher energy prices that effect their discretionary spending.
Though the market for oil-based prdducts may dwindle, analysts say the amount of oil available at the present time is not as large
as previously thought (http://www.247wallst.com/2008/03/oil-wont-come-d.html).
The reason – Older oil field arent’ pumping as much crude as before, and new discoveries of big oil fields are scarce. Added to that OPEC says there’s enough oil out there to meet demand – so the cartel of major oil exporting countries is unlikely to bulge.