BP: Energy Consumption Likely Lower in 2005

Energy consumption is likely to be lower this year as global economic growth slows, oil company BP PLC said Tuesday, giving the industry a breather from the rapid spike in demand that pushed prices higher in 2004.

BP Chief Economist Peter Davies said the events that created exceptional energy growth last year – rapid consumption increases in China and smaller, but still strong, rises in demand almost everywhere else – were unlikely to continue into 2005.

“The key is whether economic growth can remain at 2004 levels,” Davies said at a briefing in London on the company’s annual review of world energy markets. “It’s already evident that the positive combination of forces in 2004 is not continuing with the same momentum through 2005.”
Forbes