End of the Oil Era

Farewell to Pax Americana

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In 1973 the US imported 33 per cent of its oil; today it imports about 60 per cent and this figure could rise to 70 per cent by 2020.
America’s transport system is still completely dependent on oil.

It is common to say that the Gulf is a “vital strategic area”.
“Strategic” is shorthand for saying that it is home to two-thirds of the world’s known oil reserves.
Gideon Rachman, FT May 12 2008

Mr McCain’s promise to eliminate American dependence on Middle Eastern oil is hardly original. Barack Obama and Hillary Clinton have made similar pledges. President Bush himself swore to end America’s “addiction to oil” a couple of years ago. President Richard Nixon made similar promises after the first oil shock of the 1970s.

Chinese oil consumption doubled between 1994 and 2003 and will have doubled again by 2010.

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Comment by Rolf Englund:
China's population 1 bn, India's population 1 bn
Take any number, multiply with 2 bn, and You will get a big number...