China, India, Russia and the Middle East for the first time
will consume more crude oil than the U.S., burning 20.67 million
barrels a day this year, an increase of 4.4 percent, according
to the International Energy Agency in Paris. U.S. demand will
contract 2 percent to 20.38 million barrels daily, the IEA says.
Economic growth of more than 8 percent in China and India,
coupled with increasing car ownership among the countries'
combined populations of 2.45 billion people, will more than
compensate for falling U.S. demand
U.S. pump prices have followed crude oil higher. Regular
gasoline, averaged nationwide, rose 2.7 cents to a record $3.445
on April 18, according to AAA, the nation's largest motorist
organization. In the U.K. a gallon of gasoline cost $7.99 on
average on March 31, according the Automotive Association.
clipped from: www.bloomberg.com