Wednesday, May 28, 2008
"Oil Is Up Due to Fundamentals, Not Speculation"
If you can do numbers, I think you'll have to agree with this analysis...
At SeekingAlpha.com, James Hamilton explains:
"The developed economies consume a disproportionate share of the world's energy, with North America and Europe accounting for about half of the total oil use in 2006. However, it is the newly industrialized countries and oil producers that account for the recent rapid growth in demand, with Asia and the Middle East accounting for 60% of the increase in petroleum use between 2003 and 2006. North America and Europe contributed only 1/5 of the growth."
