The United States alone consumes 18.9 million barrels of oil every day, rain or shine. And China's appetite grows more ravenous by the minute, with daily consumption doubling from 5.5 million barrels in 2003 to nearly 9.8 million in 2011.
Aside from a brief downturn during the recession, global oil consumption has been moving inexorably higher.
Worldwide oil consumption passed its pre-recession 2007 peak in 2010 and continues to rise. It is projected to reach 90.2 million barrels per day this year. Meanwhile, the world's oil companies will only produce 90 million barrels per day.
In other words, demand will outstrip supply by 200,000 barrels per day, or by about 73 million barrels this year. Continue reading "The Best Way to Invest in the "Oil of the 21st Century""