Wednesday, June 08, 2011

Energy and Economies in Motion

Is anyone surprised by the news that nations seeing a big increase in energy consumption are also recording economic growth? Shouldn't be any surprise. The two go together like a horse and carriage.

Meanwhile, the latest report says China is now consuming more oil than the US. That's a reason to worry, a little. But China does have a population of 1.3 BILLION people, a full BILLION more than the US. Thus, with roughly four times the population of the US, the only surprise should be over the fact that China's oil consumtion is only a tiny bit higher than ours.

Developing countries lead surge in energy demand

Report: developing world powers biggest jump in global energy demand since 1973

Wednesday June 8, 2011

LONDON (AP) -- Global energy consumption rose in 2010 at the fastest pace since 1973, as fast-growing developing nations led a strong rebound from recession, according to a survey released Wednesday.

The overall 5.6 percent rise in consumption saw gains in all regions and all categories of energy, BP PLC said in its 60th annual Statistical Review of World Energy.

Consumption in the world's richest countries grew by 3.5 percent, the most since 1984, bringing it back to the level of a decade ago, BP said. Consumption in developing countries -- particularly resource-hungry ones in Asia and South America -- logged a 7.5 percent increase.

"By year-end, economic activity for the world as a whole exceeded pre-crisis levels driven by the so-called developing world," said Christof Ruehl, chief economist for BP.

Last year's surge was led by China, which increased its energy consumption by 11.2 percent, according to BP.

That moved China ahead of the United States as the world's biggest consumer of energy, accounting for 20.3 percent of global demand compared with 19 percent for the U.S., the report said.

The International Energy Agency reported in July that China had become the world's biggest energy consumer, though Chinese officials insisted their country still lagged behind the United States.

China was by far the world's largest consumer of coal, taking 48 percent. The United States had the biggest thirst for oil with 21 percent of global demand, double China's consumption.

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