Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: Sam Gamgee

2014 was definitely a year that the demand growth greatly slowed down, even though it still grew some. From the same BP link:

Global primary energy consumption increased by just 0.9% in 2014, a marked deceleration over 2013 (+2.0%) and well below the 10-year average of 2.1%. Growth in 2014 slowed for every fuel other than nuclear power, which was also the only fuel to grow at an above-average rate. Growth was significantly below the 10-year average for Asia Pacific, Europe & Eurasia, and South & Central America. Oil remained the world’s leading fuel, with 32.6% of global energy consumption, but lost market share for the fifteenth consecutive year.

Although emerging economies continued to dominate the growth in global energy consumption, growth in these countries (+2.4%) was well below its 10-year average of 4.2%. China (+2.6%) and India (+7.1%) recorded the largest national increments to global energy consumption. OECD consumption fell by 0.9%, which was a larger fall than the recent historical average. A second consecutive year of robust US growth (+1.2%) was more than offset by declines in energy consumption in the EU (-3.9%) and Japan (-3.0%). The fall in EU energy consumption was the second-largest percentage decline on record (exceeded only in the aftermath of the financial crisis in 2009).


14 posted on 06/11/2015 5:21:28 AM PDT by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 13 | View Replies ]


To: thackney
Hmm. I guess I could either take away that what is unusual is not that oil consumption contracted, but that the rate of growth contracted. Although 0.9% is more in line with 1.1% population growth than 2%.

The other way to look at it is China and India continue to show impressive oil demand, which means the China story is not over, as I had originally thought. China's economy continues to boom.

15 posted on 06/11/2015 2:54:40 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 14 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson