Interesting …. a 1000 gallons per year for every person – darn! That’s a lot of Oil – according to Paul Krugman
If I’ve got it right, America consumes, directly and indirectly, just about 1000 gallons of oil products per capita each year — that’s 1000 gallons for every man, woman, and child. The price of crude is up 60-something dollars over the past year, or about $1.50 per gallon.
Talk about “wealth transfer“…. something doesn’t quite add up for me. I accept that China and India have consumed all the surplus oil …. but where do they get the money to buy it – at 140 dollars a barrel?