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June 29, 2008

growth and shrinkage

ConsdeltaA summary of oil consumption changes from the 2008 BP Statistical Review via Net Oil Exports

What makes this interesting is the fact that the current production reserves are a few million barrels a day, largely from Saudi Arabia. That crude is mostly heavy/sour and not usable by many refineries in the US - or the rest of the world for that matter. If this trend continues for a few more years, oil would be *really* expensive. But few trends are linear.

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