Friday, November 2, 2007

Energy Expert Sees Hazard in Costly Oil

No, this isn't from the Department of duh.
Some interesting facts and quotes.

From the New York Times:

...The unusually stark warning by Fatih Birol, chief economist of the International Energy Agency, about the effect of Asia’s emerging giants comes as the agency prepares to issue its influential annual report next week, which will focus on China and India.

In preparing the report, Mr. Birol said he had experienced “an earthquake” in his thinking.

“China plus India are going to dominate growth in the oil markets,” Mr. Birol said during an interview at an oil industry conference. Over the last 18 months, he noted, more than two-thirds of the growth in global oil demand came from China and India alone.

Demand for oil in China, he added, would eventually equal the entire supply from Saudi Arabia....MORE