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Wednesday, July 19, 2006

Oil Consumption

By Yaser Anwar, CSC of Equity Investment Ideas

“Asia’s 3 billion people now consume about 20 million barrels of oil daily, while 300 million Americans consume 22 million barrels per day.

The difference is that Asia has been growing at 6 percent per year, twice the U.S. rate.
Since 2000, there have not been enough new discoveries of oil, gas and precious metals to meet Asia’s demand as they have built infrastructure. This is the most important reason why we are living with ever-higher energy prices.”

-Frank Holmes,CEO of U.S. Global Investors

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