Oil smashed through record highs Friday, cruising past $75 a barrel on continued fears of a supply disruptions in Iran and Nigeria and reports of spot gas shortages on the U.S. East Coast.
The tense international situation could start eating into demand and oil could spike to $100 a barrel if the U.S. attacks Iran. U.S. average gas prices moved closer to the $3 a gallon mark Friday as spot shortages were reported along the East Coast.
World Oil Reserves millions of barrels Saudi Arabia 261,750 Canada180,000 Iraq115,000 United Arab Emirates97,800 Kuwait 96,500 Iran89,700 Venezuela77,685 Russia48,573 Libya 29,500 Mexico26,941 Source: U.S. Geological Survey
World demand for oil is expected to increase by 54 per cent in the first 25 years of the 21st century, according to the Energy Information Agency of the U.S. government. To meet that demand, the world's oil-producing countries will have to pump out an additional 44 million barrels of oil each and every day by 2025.
Much of the growth in demand – about 40 per cent will come from Asia. Its daily oil need is expected to double by 2025, thanks mainly to rapidly growing economies in China and India.
Name: EuroYank - Virginia Hoge Home: United States About Me: Euro Yank is an internationally famous blogger, an American born in Germany that left for the USA with family at age six and has lived in Luxembourg for the past ten years. He is a committed anti-fascist and a student of history who is politically progressive and believes in the ideals of the American Constitution and the Bill of Rights for all Americans. He is also an American war veteran. He was active on American Talk Radio, and has been prominent online with 26 blogs with over 25 million hits. His investigative journalism has exposed top international news stories no one else has reported on. He is also a well-known political commentator. He has been repeatedly censored and banned, but despite these setback continues nonstop. Virginia Olive Hoge is an artist and writer living in Pasadena, California. As a progressive whistle-blower, she conducts investigations into corrupt media and outs the harm it causes to the poor and important social services. She is has been conducting an 11-month investigation of Topix.com, she is the first one in the nation to do so. See my complete profile E-Mail