Tomgram: Michael T. Klare, The Problem with Cheap Oil

A forward from a friend of a reader, who forwards it to you, the dear reader. [excerpt] ... How long will the imbalance between demand and supply last? Until the middle of 2009, if not the end of the year, most analysts believe. Others suspect that a true global recovery will not even get under way until 2010, or later. It all depends on how deep and prolonged you expect the recession – or any coming depression -- to be. A critical factor will be China's ability to absorb oil. After all, between 2002 and 2007, that country accounted for 35% of the total increase in world oil consumption -- and, according to the DoE, it is expected to claim at least another 24% of any global increase in the coming decade. ... Read more of Klare's The Problem with Cheap Oil