Quote:
Originally Posted by AlmightyJim
Take a look at these figures from 2006 and tell me who demands most of the worlds oil supply.
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Sure.. would totally agree Jim. There would be a "shuffling" of oil prices if US consumption did not exist, tho overall, that slack is easily taken up elsewhere by other developing regions. It's not the current day supply which is the problem (tho there are already supply problems) - there is a growing shortage of locations where oil can be extracted at an economic price and that will dictate the long term price of oil.
When you look at your charts, they paint an even worse picture in that those imports of oil amount to around 50% of the trade deficit and equate to an oil usage exceeding prob all other nations quoted - and from a nation that only has 5% of world population. The problem is more related to the over-consumption of oil within the US which is causing serious financial damage to that economy and when that nation does not have a manufacturing base to utilize that resource to it's benefit - but, consuming just for the sake of consuming (ie on personal transport). All that achieves is more debt for the US as a country in some form or other.
Oil is causing damage to the US in the rate of consumption - the vendors of that oil will not suffer any great hardship. They will get whatever the market value is, based on demand/availability. I doubt they will reach the level of letting the wine cellar stock run too low
