[aahala]

http://www.cnn.com/2005/BUSINESS/03/11/ ... index.html

The headline on this article reads:
"Oil demand set to soar this year"

Just based upon the article, world oil consumption:

2003 - 79.76 million barrels per day
2004 - 82.49
2005 - 84.3 (new estimate)

It's true the article says the estimate was just increased, but look at those
numbers above, both in absolute and percentage terms.

Is this really soaring? The estimated change is less in percentage terms and less in total change than 2003 to 2004, the newest projected growth is just over 2% from 2004.

If someone asked you to describe how your income has increased in the last year, if you got a 2.2% annual increase, would you describe it as soaring?

[BabyPeanut]

Is this really soaring? The estimated change is less in percentage terms and less in total change than 2003 to 2004, the newest projected growth is just over 2% from 2004.

If someone asked you to describe how your income has increased in the last year, if you got a 2.2% annual increase, would you describe it as soaring?

They are starting from a HUGE base not your puny salary. You can't even imagine in your head what 2 million barrels of oil looks like.

[aahala]

Nor can I imagine Bill Gate's annual income, but if it
increases 2%, it's not soaring.

[Theo]

I think that if yearly increases were usually on the orders of .5% to 1% then this might seem like it is soaring. But yes, I see your point. 2.2% doesn't seem like soaring in pure terms. I think most people assumed oil consumption would slowly go down as we develop new technologies so for it to go up may lead some to say its soaring. My two cents.

[BabyPeanut]

Will production hit 84.3 MMbd or will demand be unsatisfied and by how much?

[BabyPeanut]

Nor can I imagine Bill Gate's annual income, but if it
increases 2%, it's not soaring.

You can't compare money to goods. Money is just a concept.

Get out two pieces of paper and write "2 million bucks" one and "IOU 2 million bucks" on the other and exchange them. Now try again but use 2 million barrels of oil instead of the paper.

[0mar]

http://www.cnn.com/2005/BUSINESS/03/11/oil.demand.reut/index.html

The headline on this article reads:
"Oil demand set to soar this year"

Just based upon the article, world oil consumption:

2003 - 79.76 million barrels per day
2004 - 82.49
2005 - 84.3 (new estimate)

It's true the article says the estimate was just increased, but look at those
numbers above, both in absolute and percentage terms.

Is this really soaring? The estimated change is less in percentage terms and less in total change than 2003 to 2004, the newest projected growth is just over 2% from 2004.

If someone asked you to describe how your income has increased in the last year, if you got a 2.2% annual increase, would you describe it as soaring?

You have to remember that most experts said that oil would never increase in demand from the 90s. It would be forever stuck at 60mbd or so. These same experts are looking at these numbers and are simply stunned.

[Ludi]

most experts said that oil would never increase in demand from the 90s.

What did they base this projection on?

[BabyPeanut]

most experts said that oil would never increase in demand from the 90s.

What did they base this projection on?

Crack Smoking.

[smiley]

They are starting from a HUGE base not your puny salary. You can't even imagine in your head what 2 million barrels of oil looks like.

Now you're underestimating us. It is really not that hard.

2 million barrels =



plus



Multiply that by 365 and you've got the increase for next year. There is only one problem: where are we're going to find the oil to fill these fellows?

[0mar]

most experts said that oil would never increase in demand from the 90s.

What did they base this projection on?

"The New Economy"

[shortonoil]

After Shrubs' stellar management skills were developed at Specter Oil, he went on to use his new found skills to train the rest of the oil industry. 2% is now a startling growth rate.

[BabyPeanut]

Now you're underestimating us. It is really not that hard.

You know how to think big!