On 4/18/05, Gary Denton <[EMAIL PROTECTED]> wrote: > On 4/13/05, John DeBudge <[EMAIL PROTECTED]> wrote: > > China really is greatly increasing its demand for foreign oil, thus > > becoming a major factor in global demand, which in turn is starting to > > outpace production, thus resulting in a price increase. > > > > http://www.eia.doe.gov/emeu/cabs/china.html > > > > "China was the world's second largest consumer of petroleum products > > in 2003, surpassing Japan for the first time, with total demand of > > 5.56 million barrels per day (bbl/d). China's oil demand is projected > > by EIA to reach 12.8 million bbl/d by 2025, with net imports of 9.4 > > million bbl/d. As the source of around 40% of world oil demand growth > > over the past four years, Chinese oil demand already is a very > > significant factor in world oil markets." > > > > General instability in the middle east could definitely contribute to > > a rise in prices, but only a permanent increase in demand, or a > > permanent increase in production, will lead to a long term price > > change. > > > > The higher the price of oil gets, the more pressure will be placed on > > increasing production. > > > > Venezuela has a much greater impact on local US fuel prices however, > > as it is the top supplier of oil to the US. The strike, and general > > political instability in 2002 and 2003 resulted in a huge decrease in > > oil exports, and even now the levels have not fully returned to their > > pre-strike levels. Furthermore the future growth of production in that > > country is at risk because of the political situation, thus limiting > > investment that would lead to future expansion. > > > > http://www.eia.doe.gov/emeu/cabs/venez.html > > > > Just thought I would add some more details to the discussion. > > > > John > Ven. reached peak oil production several years ago and will not be > able to increase production. Right now, it is facing the wrath of > the GOP as it increased the royalty rates from the oil companies, > slammed a halt on privatization of public utilites and began policies > to raise the living standards of the majority of the people. > > -- > Gary Denton
'is facing'? Ven. (and more specifically Chavez) has been facing their wrath for a while now. Or have we forgotten the attempted coup the US supported? ~Maru How very... Cold War-ish. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
