End of Cheap oil

The human race depends on energy, period. Our planet consumes around 84 million barrels of oil daily whilst supply is around 84.5 million barrels per day. Global demand has increased by roughly 2% per annum over the past 50 years. Most of the recent growth in oil demand has come from, you guessed it, China . At the beginning of 2000, China used to consume 4 million barrels per day and now it consumes 6.5 million barrels each day! In other words, China ’s demand has appreciated by 62.5% over the past 6 years! Despite this exceptional growth, the average Chinese still consumes only 1.82 barrels of oil in a year. Just for the record, the average American consumes 25 barrels in a year!

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