Global Oil Consumption Still Rising

The United States has undergone a remarkable petroleum belt-tightening in the face of rising oil prices. We’re down 800,000 barrels per day over the first six months of 2008 compared to year-ago numbers, the largest drop in 26 years, according to EIA. But in global terms, oil consumption continues to rise despite the 2008 price increases, up 1.3 million barrels a day outside the major western economies.

One Comment

  1. Hi Jeff

    How does that square with the data in the post you quoted just a few days ago, which had the global production falling (albeit by a trivial 30K bpd) between 2005 and 2007?

    (I’m only asking you because I just spent 10 minutes buried in the EIA website wondering why their own figures disagreed so much … and didn’t work it out 🙂


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