Friday, March 19, 2004

Demand for oil

Oil prices have hit 11-year highs, highest since just before the Gulf War. And guess what? Among the factors causing this spike is "demand from China."
Recall, the Third World has barely entered the industrial age, has yet to expand its transport and factory output to anywhere near its potential, much less to afford autos for its growing billions of people. But in the next few years, look out! We're going to be paying high prices for oil/gasoline not as much because of our own gluttony, but because of others' hunger.

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