Tuesday, August 31, 2004
Competition for the Last Dregs
The last dregs of the dwindling worldwide oil supply look very appealing to a voracious consumer that rivals the U.S. in terms of raw appetite. China, with a population of 1.3 billion, is enjoying strong economic growth and, with that growth, the demand for automobiles within the country, including woefully inefficient SUVs, has skyrocketed. This piece in Newsday provides 1.3 billion reasons why we might want to worry about oil.