Website review: The New York Times & Log In
TapwaterJ discovered this in Petroleum
•1 reviews since Apr 20, 2008
petroleum
•nytimes.com/2008/04/20/weekinreview/20mouawad...
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TapwaterJ discovered 3 months ago
The Big Thirst Barreling Along The New York Times, Jad Mouawad- "Oil prices rose above $116 a barrel last week, setting another record for the world's most indispensable energy commodity. What was striking about this latest milestone was what didn't happen: there was no shortage of oil, no sudden embargo, no exporter turning off its spigot.
The weak dollar, worries about terrorism and speculation on commodity markets certainly played a role. But, of course, so did demand. Producers are struggling to pump as much as they can to quench the thirst not only of the developed world, but fast-growing developing nations like China and India, the two most populous countries. To many experts, the steadily rising price underscored longer-term fears about the future of a system that has supplied cheap oil for more than a century.
"This is the market signaling there is a problem," said Jan Stuart, global oil economist at UBS, "that there is a growing difficulty to meet demand with new supplies."
Today's tensions are only likely to get worse in coming years. Consider a few numbers: The planet's population is expected to grow by 50 percent to nine billion by sometime in the middle of the century. The number of cars and trucks is projected to double in 30 years-- to more than two billion -- as developing nations rapidly modernize. And twice as many passenger jetliners, more than 36,000, will in all likelihood be crisscrossing the skies in 20 years."
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