21 Jun '11, 3pm

Global Oil Consumption Hit Record High in 2010 - Demand Outpaces Supply Increases By One-Third

Global Oil Consumption Hit Record High in 2010 - Demand Outpaces Supply Increases By One-Third

photo: Mars Karochikin /Creative Commons Some illuminating new stats on global oil production, consumption, and the shifting landscape of oil producing nations: Upstream Online reports that global oil consumption was up in 2010, bucking the trend for the two previous years under the grips of the Great Recession, increasing 2.7 million barrels per day to a new record high of 87.4 mbd--however, increases in global oil production fell short of that by 900,000 barrels per day. In other words, rising supply isn't keeping pace with rising demand--something which everyone from the US military , to the IEA , to oil industry execs , and plenty of doom and gloom peak oil researchers (who likely will be more accurate than the techno optimists out there) have been saying for some time. Exemplifying that growing supply and demand gap, and the dwindling supply of easy to get oil accompa...

Full article: http://www.treehugger.com/files/2011/06/global-oil-consum...

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