02 Mar '12, 1am

Asia Is World's Largest Petroleum Consumer - US Plays Second Fiddle In The Oilchestra From Now On

Asia Is World's Largest Petroleum Consumer - US Plays Second Fiddle In The Oilchestra From Now On

Drilling for more oil and gas in the USA will feed the Dragon but do nothing for US gasoline price relief. It's hard to figure why Republicans and their voting base can't see that oil is a global commodity and that the biggest customer for liquid fuel (China) drives fuel prices for everyone, going forward. The three things that matter most in liquid fuel pricing are China, China, and China. Here are the facts from USEIA: Asia surpassed North America as the largest petroleum-consuming region in 2008. Asian demand surged nearly 15 million barrels per day from 1980 to 2010, an increase of 146%. North America's petroleum consumption increased 16% between 1980 and 2010. >Global petroleum consumption increased 36%, nearly 23 million barrels per day, during the period. If Iran attacks oil tankers in the Strait of Hormuz, the price of oil in China will go up, which is why the Chin...

Full article: http://www.treehugger.com/economics/asia-worlds-largest-p...

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