Oil Demand From Emerging Nations Helps Fuel Price Increases

With the current economic difficulties in the U.S., much attention has been placed on the role of the housing downturn, the sub-prime mortgage crisis, and the associated credit crunch. Despite a fivefold increase since 2000, the role of energy cost increases in these economic difficulties has largely been ignored until recently. The chart shows ongoing increases in oil and natural gas prices, both of which are critical inputs for the chemical industry.

With respect to oil, the situation during the past few years has been one of increasing global demand, mostly in emerging markets. With rising incomes and falling vehicle prices, ...

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