Yes. China and India are in a economic boom and are sucking up oil and others products like crazy. Remember the concrete shortage a few years ago? China, too.
And yes, commodities markets / traders world wide are driving up the price of oil.
And OPEC refuses to put more fuel on the market.
And we have not built a refinery in this country in over 30 years and demand has doubled and we can not make enough gas to keep up with demand.
Just a few of the major issues driving oil / gas prices.Is China's demand fueling the increase in oil prices?
They estimate that at the current rate of growth, China will need all the oil that is currently pumped to maintain their economy.
Alternative fuel sources ARE NOT THE ANSWER! Can the US convert its 300 million cars and 15 million commercial trucks 100% over to alternative fuels in the next 10 years? We better start drilling and we better start now.
Definitely... China is becoming THE economic superpower and with 6 Billion people obtaining higher standards of living than the generations before them comes more cars... supply and demand.
The weak dollar, related to rising unemployment, is contributing to the high oil prices.
This and India has also largly increased their demand.
China is part of the problem. Another problem was an irresponsible President deciding to invade a member of OPEC! Its like biting the hand that feeds you
It's pretty much got to be a combination of both higher demand and speculation.
Yes, increased demand in developing countries is fueling price increases.
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