Chart Of The Week: Crude Oil Demand

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As the charts show, demand for crude oil is exploding in China and India. This trend should continue to for many years to come as their populations move from the farms to the cities.

Oil consumption per capita follows very predictable patterns as countries industrialize. Should these same patterns be repeated by China and India, than we are only seeing the tip of the iceberg in oil demand.

With the exploding demand, the obvious question is one of supply. Many of the large oifields are declining and there is a growing belief that Peak Oil is getting closer and closer. I suspect that higher gas prices are a certainty.

Future blogs will provide more discussion of Peak Oil theories.

These slides were put together by US Global Investors and the Gloom, Doom and Boom Report. For more information, check out the entire presentation.