Global oil demand will contract for the first time since the early 1980s as world economic growth slows to a near standstill, the U.S. government said on Tuesday.
Wow. Did not expect to see this.–an actual decrease in world-wide demand. I would have expected increases in China and India enough to keep demand growing. Things must really be changing in the U.S., still the biggest oil consumers. I remember the early 80’s. That is when I sold my Karman Ghia and bought a bicycle.
The lower forecast came as the EIA revised down its projection for 2009 global economic growth to 0.5 percent next year, from the 1.8 percent projection it made in its previous report issued in November.
Half a percent growth for the world next year. At least it is still positive. Actually, I have thought for a long time that lower growth rates should be encouraged. Growth should be limited to about the level of population growth. Technological development can still bring improvements in lifestyle. The negative externalities of our preoccupation with higher income have clearly been very high.