Rising Demand for Oil Provokes New Energy Crisis (NYT)

[jpak]

http://www.nytimes.com/2007/11/09/business/worldbusiness/09oil.html?_r=2&oref=slogin&oref=slogin

With oil prices approaching the symbolic threshold of $100 a barrel, the world is headed toward its third energy shock in a generation. But today’s surge is fundamentally different from the previous oil crises, with broad and longer-lasting global implications.

Just as in the energy crises of the 1970s and ’80s, today’s high prices are causing anxiety and pain for consumers, and igniting wider fears about the impact on the economy.

Unlike past oil shocks, which were caused by sudden interruptions in exports from the Middle East, this time prices have been rising steadily as demand for gasoline grows in developed countries, as hundreds of millions of Chinese and Indians climb out of poverty and as other developing economies grow at a sizzling pace.

“This is the world’s first demand-led energy shock,” said Lawrence Goldstein, an economist at the Energy Policy Research Foundation of Washington.

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[lostnotforgotten]

1. All You Need To Know - www.theoildrum.com

www.theoildrum.com

[physioex]

2. The History Channel...

Will have a wonderful show on tue night on this topic. Please watch....

[profgoose]

3. smooches to my peeps...

thanks for the kind words for TOD. :)

couldn't do it without your support.

[GliderGuider]

5. And thanks to you for all you do

Not least of which is giving a platform to some of the world's most insightful energy writers! :toast:

[Maven]

7. Ditto.

It's a resource I've come to depend on, daily.

Thanks a million.

[Kolesar]

4. Wow, we burn a quarter of the world's oil each day!

That means that by Thursday morning, there won't be any oil left!

Today, China consumes only a third as much oil as the United States, which burns a quarter of the world’s oil each day.

[Altean Wanderer]

6. Welcome article but it still misses...

any mention of SUPPLY constraints, namely, oil production has been on a plateau since 2005, and there's nothing huge coming on line soon to offset the depleting production of the larger, older fields like Mexico's Canterall. In other words, we may be near peak oil, and we could start sliding down the back side of Hubbert's hill any year now.