Tuesday, October 20, 2009
Demand for Oil Decreasing in Developed Nations
The demand for oil in first-world nations peaked prior to the recession and will quite possibly never reach those levels again. This is in part due to the increased rates of people within these countries who are using more fuel-efficient vehicles. Of course this does not mean that the global thirst for oil will decrease any time soon, in fact expect that the global demand for oil will increase almost 14% between 2010 and 2020. The demand is expected to increase due to the rise of developing nations, so while the U.S. and parts of Europe will have stabilized, the needs of developing nations may cause oil prices to rise, although it is not expected that this will have a significant impact on the American economy.