For the first time ever, the combined emerging markets of China, India, Russia and the Middle East will consume more crude oil than the United States (Bloomberg via 2point6billion). These are projections, but what’s surprising is the way in which the impact of an expected American economic contraction will be offset by continued growth in the emerging markets. Consider that in 2001, the American recession led to a twenty-five percent drop in crude oil prices, to roughly $20 a barrel. Contrast that to 2008, when the price is expected to rise to $120 before the end of the year. The […]
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