TomF75

Is Cheap Oil Compatible with Growth?

I agree Fitzman, here are some stats that both disturb me & boggle my mind:

Canada 24.98 bbl per capita/year
USA 24.82 bbl per capita/year
Korea 16.12 bbl per capita/year
Australia 15.31 bbl per capita/year
Japan 15.30 bbl per capita/year
Germany 11.63 bbl per capita/year
Britain 10.86 bbl per capita/year

I just cannot fathom how the US & Canadian economies can be so vastly innefficient that they consume nearly DOUBLE per capita the oil the rest of the industrialized world does (including the Australians who love big fast cars as much as we do). Granted these stats are based on 2005 consumption, and hopefully the gap has closed somewhat, but something tells me it is probably bigger!

Consensus Crude Oil Estimates

Weren't these the same "experts" who were guaranteeing us $200 oil by the end of the year. I believe these people know what they're talking about as much as I believed them when we were told over and over the "sub-prime crisis is contained" and we're going thru a "soft patch".