by MonteQuest » Mon 27 Oct 2014, 10:35:37
$this->bbcode_second_pass_quote('vtsnowedin', 'I') doubt that anyone in China is making better use of a gallon of fuel then a farmer in Iowa is.
On the contrary, developing nations get far more bang for the buck out of a gallon of gas. The vast majority of the world uses very little oil, and aspires to higher standards of living. When the price goes up, they don't much care...the ends more than justify the means.
$this->bbcode_second_pass_quote('', 'O')il demand growth in China, in India, and across Asia and South America in the face of record-high oil prices may at first be counterintuitive. But consider the consumption patterns in developed countries. Developed countries consume a lot more oil than they really need because they have more discretionary consumption. Thus when oil prices rise, consumers in developed countries make a few lifestyle changes—driving fewer miles, buying more fuel-efficient cars, using more mass transportation, etc.—and oil consumption falls.