The following is just a sample of whats going on with oil supply and demand. Only last week Russia was in the news cornering oil and gas supplies. http://en.rian.ru/analysis/20080714/113967201.html
Oil was due for a pull back imo but don't expect it to go below US$110 before its next leg up imo.
Oil discovery peaked around 1964, and production is running at around 3 times the discovery.
As the old saying goes some people cant see the wood for the trees.
United States and China Oil Usage Comparison
United States China
Population (6.7 Billion world total) 300 Mil 1.3 Billion
Oil Consumption Per Capita 0.0688 bpd 0.0049 bpd
Percentage of worlds oil usage 26% 6%
Percentage of worlds population 4.5% 20%
Car crazy China A decade ago there were hardly any privately owned cars in China. Now, there are more than 24 million of them. China expects to add 120 million vehicles over the next decade, requiring 11.7 million barrels of new crude oil supplies, (That’s than the entire output of Saudi Arabia – just to fuel china’s new cars.
India’s oil demand is expected to increase by 28% over the next five years, to fuel its booming economy. With a population of 1.1 billion people, an economic growth rate of 9 percent, and a rapidly industrialising economy, its story is very similar to China. Its appetite for energy and cars is just as voracious, and its domestic energy resources are more limited than China’s.
Source, Profit From The Peak, Brian Hicks and Chris Nelder
