An interesting analysis of what goes into the cost of oil.
Interesting point #1: The US is the second largest producer of oil in the work (10.3%) behind only Saudi Arabia (11.9%).
Interesting point #2: OPEC manipulates the markets. It too it a while to figure out how to make this work, but it seems to have done it starting in 1998.
Interesting point #3: Europe uses more diesel than the US.
Interesting point #4:”In the US, tax accounts for 22% of the cost of a litre of petrol, while in the UK – the highest fuel-taxing country, it accounts for almost 73%. ” Ouch. Those brits sure love their taxes.
Interesting point #5: American’s use 4x the amount of fuel than the rest of the world, but only 2x as much as Europe. Of course Europe is a much smaller place. This means fuel for airplane, large trucks and trains would be less.
Interesting point #6: While the US uses more fuel per capita, it has decreased it need for oil 7 times more than Western Europe and Japan. While the Communist world has increased its use by 40%. Really technology has caused our decrease, it has made our use more efficient. I would expect the Communist world to increase as it becomes more technical. It is passing through stages the US went through decade ago.
Asia is in the same boat. Becoming more technically advanced and needing more fuel. Its become the #2 user of oil behind North America. I’d expect it to become even bigger as its economy grows because of its size.