Monday, October 6, 2008

World would rather have lower oil than bailouts

The world would rather have lower oil than all the bailout plans in the world

Driven by concerns a worsening financial crisis in the U.S. is crimping energy demand. U.S. oil use is declining faster than expected, while European consumption is falling and OPEC production capacity is increasing, Saudi Arabia, Qatar and elsewhere within OPEC are set to increase capacity within the exporting group by about 3 million barrels a day in the next 18 months Refinery expansions and new projects will add about 900,000 barrels a day of distillate and 700,000 barrels a day of gasoline production capacity. here

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