Coincidental timing on a post on the Seitch Blog today about oil supply and demand that adds to my post from a couple days ago. In 2007, the US used 24.9 barrels per capita per year and China used 2.1.
Chinese oil consumption increased 5.5 percent in 2007 to 7.7 million barrels per day—accounting for half the growth in global demand for the year. China’s oil use has nearly doubled in the past decade and now accounts for nearly 9 percent of the world total.However, their point is that prices are increasing because supply is inadequate, not because of worldwide demand which increased only 1% in 2007.
It’s too early to say definitively that oil production has reached its all-time peak, but it’s clear that the world is having a hard time expanding production to meet even a modest growth in demand.
