Quote:
Originally Posted by galenrox  Obviously the weakness of the dollar is a major source of the increase in oil prices, but it's fair to point out it's less significant than the development of India and China and the unsureness surrounding the future supplies of oil coming from the middle east (and to a lesser extent Russia and Venezuela). |
Horse crap.
India and China haven't increased their consumption anywhere near to cause that.
India Oil - consumption - Economy Real Instituto Elcano
India used 2,130,000 barrels per day in 2004 and 2,438,000 in 2008. Hardly enough to cause global prices to rise to what they did. In 2004 China used around 6 million barrels per day and is now at 6,930,000 per day.
Hardly enough to cause the price to double. Saudi Arabia has enough spare to meet that now.