Wednesday, March 17, 2010

Quick update

The June 25th blog entry 'Pray' observed a report that: ""China today consumes as much crude oil per person as the US did in 1905, before mass production of the Model-C Ford and long before the advent of the jet engine," points out Robin Batchelor, manager of BlackRock's BGF World Energy fund. "If China and India were to increase their consumption per person to current US levels, these two countries alone would require 160 million barrels per day, more than twice the world's supply of oil today."

Well, China's oil demand increase 'astonishing', says IEA reports that the International Energy Agency reported that China's oil purchases in January of 2010 were 28% above the levels just one year earlier... Pray indeed!

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