oil demand
oil demand news stories
Consumption will drop in consecutive years; first time in 3 decades
Financial Times (UK) Dec 9, 08 6:03 PM CST
(Newser) -
The price of oil continued its descent today, settling at $42.07 a barrel amid new signs of collapsing demand worldwide, the Financial Times reports. Global consumption will shrink by 50,000 barrels a day in 2008 and by a whopping 450,000 barrels a day in 2009, the Energy Department says. Meanwhile, prices aren't expected to return to the sky-high levels of this summer for the foreseeable future.
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Demand slows, but company coffers
plenty full ... for now
Wall Street Journal Oct 7, 08 2:57 PM CDT
(Newser) -
Oil companies’ stocks are plummeting, but the majors are comfortable with long-term plans and bulging coffers, the Wall Street Journal reports. The global economy is pushing crude prices down, and analysts think measures are necessary to keep share prices up. But larger outfits like Exxon made investments based on lower oil prices, and appear to be waiting out the storm.
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SUV sales jump 43% over last year
Washington Post Jul 28, 08 3:41 AM CDT
(Newser) -
While soaring gas prices are driving Americans to buy more energy-efficient cars, Chinese consumers are opting for gas-guzzling Buicks and Hummers, reports the Washington Post. China accounts for 40% of the world's recent increase in oil demand. There were few private cars in China 15 years ago, but today there are 15.2 million. The Chinese like them big. The number of SUVs sold rose 43% in May compared with last year.
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