Imbalances among oil demand, reserves, alternatives define energy dilemma today

HUBBERT REVISITED—1A sizzling world economy is expected to grow 2.7% in 2004, the second-highest rate since 1990.The biggest oil consumer in the world, the US, finally has its economy back on track, and its gross domestic product is set to expand by 4.4% this year. Click here to enlarge imageChina is continuing its oil consumption increase at a rate of 6%/year. All of this economic growth is generating a strong demand for energy, and oil prices are on the rise. Oil prices entered 2004 at $30/bbl (dated Brent) and by Mar. 19 had risen to their pre-Iraq-war peak of $33/bbl, the highest since 1990.Current projections by the US Energy Information Administration indicate that world oil ...

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