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Looking for Oil Demand in All the Wrong Places

Globeandmail.com -- By Jeff Rubin

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Between explosive growth in oil-thirsty economies like China and India, and OPEC’s voracious appetite for its own fuel, OECD fuel markets are becoming increasingly marginal. That’s why Saudi Aramco is far more interested in securing long-term supply contracts with rapidly expanding domestic oil markets in countries such as China and India than in supplying shrinking oil markets like those in the US.

As China moves from consuming 8 million barrels a day to 10 million barrels, and OPEC ramps up its own daily consumption from 10.5 million to 12 million barrels,

So instead of thinking that a decline in U.S. oil consumption means a build-up in global oil inventories, just think of it as freeing up another barrel to be guzzled in China or the Middle East.

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Submitted Mar 11, 2010 By: UncleCurt

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Asbury09 Champion Author Iowa Posts:2,402 Points:562,755 Joined:Jan 2009	Message Posted: Mar 11, 2010 7:18:07 PM Ignore Asbury09 Report Abuse and China has the money to pay for it---OURS
cruisingtx Champion Author San Antonio Posts:1,203 Points:531,235 Joined:Jan 2009	Message Posted: Mar 11, 2010 7:08:48 PM Ignore cruisingtx Report Abuse Yes to more alternatives.
ThatHunt Champion Author Dallas Posts:2,625 Points:1,229,630 Joined:Jul 2006	Message Posted: Mar 11, 2010 7:07:23 PM Ignore ThatHunt Report Abuse Break the dependance on oil
YLHandyman Champion Author Orange County Posts:4,609 Points:835,520 Joined:Feb 2008	Message Posted: Mar 11, 2010 7:06:04 PM Ignore YLHandyman Report Abuse Let China use the oil we just need more alternatives.
DavoIL Veteran Author Chicago Posts:436 Points:332,705 Joined:May 2009	Message Posted: Mar 11, 2010 6:54:27 PM Ignore DavoIL Report Abuse solve the problem by running our vehicles on alternative fuels produced in our country!
TXGasPriceSpy Champion Author Fort Worth Posts:2,696 Points:506,470 Joined:Sep 2008	Message Posted: Mar 11, 2010 6:50:48 PM Ignore TXGasPriceSpy Report Abuse The whole world is a mess and oil is playing a big part.
OHMS Champion Author Orange County Posts:8,121 Points:915,585 Joined:May 2005	Message Posted: Mar 11, 2010 6:50:09 PM Ignore OHMS Report Abuse the asians will take care of any surplus that we may think we have created.
AJKPA Champion Author Pennsylvania Posts:3,800 Points:591,080 Joined:Oct 2008	Message Posted: Mar 11, 2010 6:46:49 PM Ignore AJKPA Report Abuse time to supply our own
AJKPA Champion Author Pennsylvania Posts:3,800 Points:591,080 Joined:Oct 2008	Message Posted: Mar 11, 2010 6:45:38 PM Ignore AJKPA Report Abuse i hate the fact that we pay for what other countries do
kidrockTX Champion Author Fort Worth Posts:3,854 Points:508,370 Joined:Sep 2008	Message Posted: Mar 11, 2010 6:45:13 PM Ignore kidrockTX Report Abuse we need to change over fast
AJKPA Champion Author Pennsylvania Posts:3,800 Points:591,080 Joined:Oct 2008	Message Posted: Mar 11, 2010 6:45:04 PM Ignore AJKPA Report Abuse the greed needs to stop
AJKPA Champion Author Pennsylvania Posts:3,800 Points:591,080 Joined:Oct 2008	Message Posted: Mar 11, 2010 6:44:40 PM Ignore AJKPA Report Abuse they need to follow suit and reduce like we are
carefrey All-Star Author Orlando Posts:990 Points:222,955 Joined:Sep 2009	Message Posted: Mar 11, 2010 6:36:51 PM Ignore carefrey Report Abuse Let those oil guzzling countries find their own sources!
PissedCanuck Champion Author Toronto Posts:3,837 Points:821,210 Joined:Nov 2006	Message Posted: Mar 11, 2010 6:36:11 PM Ignore PissedCanuck Report Abuse Those countries will soon wise up to what OPEC is doing.
Daveyfudd All-Star Author Jackson Posts:868 Points:211,500 Joined:May 2008	Message Posted: Mar 11, 2010 6:33:37 PM Ignore Daveyfudd Report Abuse If we would separate by law our domestic oil supplies from being pooled into the world market, then our prices would not be dictated by Chinese and India demand.
rollma2 All-Star Author Montreal Posts:655 Points:155,355 Joined:Jul 2009	Message Posted: Mar 11, 2010 6:30:38 PM Ignore rollma2 Report Abuse interesting
Patch44 Champion Author Buffalo Posts:3,783 Points:904,810 Joined:Oct 2007	Message Posted: Mar 11, 2010 6:27:32 PM Ignore Patch44 Report Abuse China will keep up their demand and we'll pay the price.
Yonkers111 Champion Author Scranton Posts:6,328 Points:536,820 Joined:Apr 2007	Message Posted: Mar 11, 2010 6:20:54 PM Ignore Yonkers111 Report Abuse Demand will pick up in the US.
lightbulbman2008 Champion Author Worcester Posts:43,251 Points:650,410 Joined:Oct 2008	Message Posted: Mar 11, 2010 6:13:20 PM Ignore lightbulbman2008 Report Abuse I also watch the weekly petroleum statistic (E.A.I.) on Tuesdays. quite interesting indeed.!!!!!!
Prodaddy Champion Author Houston Posts:3,667 Points:947,935 Joined:May 2007	Message Posted: Mar 11, 2010 6:12:12 PM Ignore Prodaddy Report Abuse They need to look at selling it at fair price like $ 35.00 a barrell, that would do them more good than gouging everyone
knot2swift Veteran Author Calgary Posts:470 Points:136,120 Joined:Nov 2009	Message Posted: Mar 11, 2010 6:06:34 PM Ignore knot2swift Report Abuse Sure, everyone looks at the US inventory data since it's still the number one oil consumer. It's like looking at the unemployment numbers while avoiding all the data about "Boomers" that are set to retire.
jcurley Champion Author California Posts:3,420 Points:840,790 Joined:Dec 2007	Message Posted: Mar 11, 2010 6:02:13 PM Ignore jcurley Report Abuse Thank you UncleCurt -- another good article. Oil prices are global and affected by demand in other countries. The sooner we remove the need for imported oil (from the middle east -- Canada and Mexico are fine), the better it will be for our economic and national security. Can we force US oil companies to give US refiners first chance at the oil we extract from our continent? (To insulate ourselves from global price fluctuations.)
Dancin Champion Author Toronto Posts:4,222 Points:1,785,740 Joined:Mar 2004	Message Posted: Mar 11, 2010 6:00:12 PM Ignore Dancin Report Abuse Except that China and India have not yet figured out how to tax it, and also to stop subsidizing import costs. While we are at it, how much does OPEC contribute to world wide disaster relief in Haiti, and Chile, and others ???
Hazelnut Champion Author Greensboro Posts:1,888 Points:755,470 Joined:Sep 2003	Message Posted: Mar 11, 2010 5:59:43 PM Ignore Hazelnut Report Abuse And we are handing the oil on a golden platter to China!