August 13, 2004

Commentary:

Warning: Oil Prices Will Not Go Down Soon

    By Jack Grant

I don't know how much this is on the news in the United States, but oil consumption in China is up 40% over last year. Given that the oil supply is currently barely meeting demand (hence the record prices in current dollar terms, in constant dollars the price has not yet exceeded the peak attained in the oil shock of the 1970s), expect things to get worse before they get better.

Posted by Jack Grant at 09:55 on 13 August 2004
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