Increasing Demand For Refined Products Will Increase Oil Prices
Even before the sharp decline in oil prices, global demand for oil was growing at a rate of 1 million barrels per day per year.
By Oilprice.com Dan Steffens—— Bio and Archives--January 29, 2015
Global Warming-Energy-Environment | Comments | Back To Full Article
In last week's article I posted a chart from the International Energy Agency's recent Oil Market Report that shows global demand for refined products catching up to supply by the 3rd quarter of this year. My opinion is that all of the analysts who are now blaming the sharp drop in oil prices on a “glut” of supply could change their tune quickly as consumers adjust to lower fuel costs. Just as higher costs reduce demand for any commodity, lower costs will increase demand. This is especially true for a commodity that has a direct impact on standard of living, like oil does.
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