World Demand for Oil to Hit Highest Ever

[pennypinch]

I read that the worldwide demand for oil is to hit it's highest ever.

They say that a lot of it has to do with the explosive growth in the developing world.

When I first read this I thought to myself well here comes the $4.00 a gallon gas but experts say no, it won't be that bad. At least not in the near future.

They say although it's a hot commodity a lot of oil field investments were made after the cost of oil spiked in 2008 so oil is more available.

Oil demand in much of the developed world has been flat or declining in the last couple of years, partially due to the recession and partly due to conservation measures put in place over the last several years. Many analysts expect that trend to continue.
"The global market for oil is diverging as never before," said Francis Osborne, an oil analyst at Wood Mackenzie. "In the emerging markets, it has generally been full speed ahead."

Let's all hope that the cost doesn't get out of control. I can barely afford it now!