- May 28, 2007
Yeah, 500 million barrels would be 1 barrel per 12 people, or 3.5 gallons per person on earth per day. I doubt that's the amount that demand is exceeding supply by.Originally posted by: frostedflakes
"This is unacceptable! We're the only ones allowed to manipulate oil prices!" :laugh:
This doesn't sound right, isn't global oil consumption around 87 million barrels per day?Originally posted by: Fern
If you read that link you'll see inventories are shrinking. You'll see demand rising. Now, not US demand (we reduced demand), but global demand.
Inventories don't shrink unless demand exceeds supply.
Also, know that, for example, a 1% shortage in supply doesn't translate into 1% increase in supply. It results in a vastly larger price increase.
I saw a link here a while ago where current global demand exceeds supply by 500 million barrels daily (most like I have disremebered the correct number). Haven't been able to find it though.
But again, Iran has excess supply. But their oil is "dirty" and I don't think we, or many others, can refine it.