Fact of the Day: Asia is Largest Consumer of Oil
The EIA has a great interactive chart showing annual global oil consumption from 1980 to 2010. In 1980, North America was the world's No. 1 consumer of oil at 20 million barrels per day, and twice as much oil as Asia (10 million), see top graphic in chart above. By 2010, Asia had become the world's largest oil consumer at 25 million barrels per day vs. 23 million for North America.
2 Comments:
Considering that Asia also has the largest populations this isn't to suprising...
This is why the Fed is idiotic to fight global commodities inflation with tight money for the USA.
Yet they did in 2008 (aided by the boob and FOMC member Richard Fisher). They put a torpedo into the USA economy, but commodity prices, after a stall, went their merry way.
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