For the first time in 25 years, demand for crude will fall as wealthy nations fall into recession, says International Energy Agency.
PARIS (AP) — The International Energy Agency said Thursday that global oil demand will shrink this year for the first time in a quarter-century as rich nations fall into recession and growth slows in the developing world.
The Paris-based agency, which represents the interests of 28 oil-importing nations, also cut its forecast for global demand next year, saying a rebound in demand depends on economic recovery in the second half of 2009.
The IEA cut its forecast for global oil demand this year by 350,000 barrels a day to 85.8 million barrels a day, down 0.2% from 2007.
“The global demand contraction expected in 2008 will be the first since 1983,” the agency said in its monthly oil market report.
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I personally see this as a time of opportunity. As I have stated before, this is our chance to get free from the grip-hold oil has on us. I hope that with any auto bailout, we will force the industry to improve quality, drop costs and do what is needed for our nation as a whole, not just helping dying brands limp along. We cannot pretend any longer. Our products have become inferior much like our services in general.
Our customer service skills have steadily declined, our prowess in the market place is declining, our drive, vision, heart and skill-sets are outpaced, under developed and lack luster. May this be the time of introspection and may we as a people step up to the tasks in front of us and become what we were meant to be….
Overcomers!
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