How much has world demand for oil increased since 2002?
February 5th, 2008
beanthedoctor asked:
I know it has actually fallen here in the U.S., but what about overall world demand? 5%? 10%?
The reason I ask, is that the media and most politicians think it is supply/demand that has driven a 7-fold increase in oil prices since 2002. However, demand hasn’t risen by 700%. I believe the devaluation of the dollar and oil future trading has contributed equally, accounting for ~90% of the increase in oil prices. What do you think?
LISK
I know it has actually fallen here in the U.S., but what about overall world demand? 5%? 10%?
The reason I ask, is that the media and most politicians think it is supply/demand that has driven a 7-fold increase in oil prices since 2002. However, demand hasn’t risen by 700%. I believe the devaluation of the dollar and oil future trading has contributed equally, accounting for ~90% of the increase in oil prices. What do you think?
LISK