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I already said, this is gona happen with 20 million new cars every year.
Oil prices will rise to $200 within 3-4 years. Whatever monetary easing Ben Bernanke does is not going to offset the extra $400 billion a year to import oil at that price.
I already said, this is gona happen with 20 million new cars every year.
Oil prices will rise to $200 within 3-4 years. Whatever monetary easing Ben Bernanke does is not going to offset the extra $400 billion a year to import oil at that price.
China Biggest Oil Consumer in 2010: BP Report
Published: Wednesday, 8 Jun 2011 | 7:31 AM ET Text Size By: Catherine Boyle
Web Producer, CNBC.com
Twitter LinkedInMore Share
After decades of sustained growth, China became the world’s largest energy consumer in 2010, overtaking the US, according to BP, one of the world’s biggest energy companies.
The rebound in the global economy helped drive energy consumption higher at a rate not seen since the aftermath of the 1973 oil price shocks.
The impact of fossil fuel consumption on the environment has also grown, with BP [BP.-LN 441.85 -6.30 (-1.41%)] suggesting that global carbon dioxide (CO2) emissions from energy use rose at their fastest pace since 1969.
Both mature OECD economies and non-OECD countries grew at above-average rates, according to the 60th annual BP Statistical Review of World Energy.
“There were both structural and cyclical factors at work,” said Bob Dudley, BP Chief Executive, who took over from Tony Hayward in the wake of the Gulf of Mexico disaster.
“The cyclical factor is reflected in the fact that industrial production rebounded very sharply as the world recovered from the global downturn. Structurally, the increase reflects the continuing rapid economic growth in the developing world.”
He added: “I was in China a couple of weeks ago and I came away with a very clear sense of how rigorously China is thinking about these issues. Growth is by no means the only game in town. They want to maintain social cohesion and they want to make their growth more sustainable. In sum, they are worried about energy security and climate change – just as we are.”
Dudley believes that to address these concerns “we can look to the markets, policy tools, technology advances and not least to the growth of renewable energies”.
“This year, we have seen that the global energy markets are resilient,” he continued. “In the face of significant disruptions to the world’s energy system in Japan and Libya, demand continues to be satisfied. Markets work and markets work best when they are open and transparent.”
It increased strongly for all forms of energy and in all regions, but more strongly in developing countries.
“Economic growth was led by the non-OECD economies which had suffered least during the crisis. By year-end, economic activity for the world as a whole exceeded pre-crisis levels driven by the so-called developing world,” said Christof Rühl, BP’s group chief economist.
“Energy intensity – the amount of energy used for one unit of GDP – grew at the fastest rate since 1970. And so, when all the accounting is done, planet Earth – we all – consumed more energy in 2010 than ever before,” said Rühl.
Demand in OECD countries grew by 3.5 percent, the strongest growth rate since 1984, although the level of OECD consumption remains roughly in line with that seen 10 years ago.
Oil remains the world’s leading fuel, at 33.6 percent of global energy consumption, which should cheer the OPEC nations meeting Wednesday. It continued to lose market share for the 11th consecutive year.
© 2011 CNBC.com
Published: Wednesday, 8 Jun 2011 | 7:31 AM ET Text Size By: Catherine Boyle
Web Producer, CNBC.com
Twitter LinkedInMore Share
After decades of sustained growth, China became the world’s largest energy consumer in 2010, overtaking the US, according to BP, one of the world’s biggest energy companies.
The rebound in the global economy helped drive energy consumption higher at a rate not seen since the aftermath of the 1973 oil price shocks.
The impact of fossil fuel consumption on the environment has also grown, with BP [BP.-LN 441.85 -6.30 (-1.41%)] suggesting that global carbon dioxide (CO2) emissions from energy use rose at their fastest pace since 1969.
Both mature OECD economies and non-OECD countries grew at above-average rates, according to the 60th annual BP Statistical Review of World Energy.
“There were both structural and cyclical factors at work,” said Bob Dudley, BP Chief Executive, who took over from Tony Hayward in the wake of the Gulf of Mexico disaster.
“The cyclical factor is reflected in the fact that industrial production rebounded very sharply as the world recovered from the global downturn. Structurally, the increase reflects the continuing rapid economic growth in the developing world.”
He added: “I was in China a couple of weeks ago and I came away with a very clear sense of how rigorously China is thinking about these issues. Growth is by no means the only game in town. They want to maintain social cohesion and they want to make their growth more sustainable. In sum, they are worried about energy security and climate change – just as we are.”
Dudley believes that to address these concerns “we can look to the markets, policy tools, technology advances and not least to the growth of renewable energies”.
“This year, we have seen that the global energy markets are resilient,” he continued. “In the face of significant disruptions to the world’s energy system in Japan and Libya, demand continues to be satisfied. Markets work and markets work best when they are open and transparent.”
It increased strongly for all forms of energy and in all regions, but more strongly in developing countries.
“Economic growth was led by the non-OECD economies which had suffered least during the crisis. By year-end, economic activity for the world as a whole exceeded pre-crisis levels driven by the so-called developing world,” said Christof Rühl, BP’s group chief economist.
“Energy intensity – the amount of energy used for one unit of GDP – grew at the fastest rate since 1970. And so, when all the accounting is done, planet Earth – we all – consumed more energy in 2010 than ever before,” said Rühl.
Demand in OECD countries grew by 3.5 percent, the strongest growth rate since 1984, although the level of OECD consumption remains roughly in line with that seen 10 years ago.
Oil remains the world’s leading fuel, at 33.6 percent of global energy consumption, which should cheer the OPEC nations meeting Wednesday. It continued to lose market share for the 11th consecutive year.
© 2011 CNBC.com
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