Yes. The biggest catalyst for oil's rise has been the simplest of words SPECULATION ... and now we have the balance between demand and supply.
Demand is at an all-time high, fuelled by the continued breakneck economic expansion of the Indian and Chinese economies.
With more than a billion people in each country, and both economies growing fast,manufacturers and consumers are sucking in energy at an ever-increasing rate. China's booming economy is sucking in a huge amount of oil
China overtook Japan as the world's second-largest consumer of oil in 2003 and is closing in on the US, with demand for oil growing at about 15% a year.
Analysts worry global demand for oil is so intense that supplies may not keep pace.
Demand will rise by an average of 2.2 million barrels a day next year, the International Energy Agency says, compared with the 1.5 million-barrel rise seen in 2007.
It says annual demand will rise 2% up to 2012, while other projections suggest demand could soar from about 90 million barrels a day to as much as 140 million over 25 years.
IT´S TIME OTHER FORMS OF ENERGY MADE ITS DEBUT....
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