Each
day, the United States is
responsible for 25% of
the world’s oil consumption, despite
holding only 5% of the
world’s population. With the emergence
of other industrial nations such as China
and India, the oil extraction rate has surpassed
1,000 barrels per second.
The unprecedented rate at which this natural
resource is being used, coupled with dwindling
oil discoveries, has lead many of our prominent
energy analysts to suggest that global oil
production may be reaching a peak. (read
more »)
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Quote of
the week
“…any
discussion of rising gas prices that does
not include the words “China”
and “India” is not a serious
discussion. Though short-term fluctuations
have many causes, the underlying story on
gas prices is that the world has a limited
supply of oil, but a growing supply of people
who want to use oil. That makes [...]
- Ezra Klein, Washington
Post (source aspo-usa.com)
