[Homestead] Oil demand rising faster than expec ted
Don Bowen
don.bowen at earthlink.net
Wed Jun 13 11:38:54 EDT 2007
At 6/13/2007, you wrote:
>http://www.ft.com/cms/s/76a4c516-18d6-11dc-a961-000b5df10621.html
>
> >>World oil demand is rising faster than
>previously expected while non-Opec supply is
>growing more slowly, the International Energy
>Agency has said in its latest monthly assessment of the market.
Here is the EIA web site. The report for June 6 has a very interesting
chart for refinery utilization for the current year as compared to recent
years. It is way down which may explain part of the recent price
increases. The next report is due out sometime today.
What should be noted is the situation in the late 70s and early 80s. Crude
oil prices shot up and gasoline prices followed. The oil companies
dramatically increased exploration and drilling. The new supplies forced
prices down and lead to industry instabilities and mergers. Instead of the
two big players in the market at the time, Exxon and Mobil, we now have
Exxon-Mobil. There are other examples and the companies have learned a
huge lesson and will not repeat the mistakes of 25 years ago.
As for world oil supplies. Many large fields have peaked and production is
at maximum and declining. Countries are at the same time using more
oil. Even oil producing countries are using more energy to support growing
populations.
Don Bowen Awl Knotted Up KI6DIU
http://www.braingarage.com
My travel journal
http://www.braingarage.com/Dons/Travels/journal/Journal.html
I am omnivagant.
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