Gasoline Price Changes - Federal Trade Commission

GASOLINE PRICE CHANGES:
Millions Barrels Per Day
100
90
80
70
60
50
40
30
20
10
0
Source: IEA
Figure 2-5: World Oil Consumption by Region,
1999 and 2004, Millions Barrels per Day
1999 World Total:
75.3
Rest Of World: 7.0
Middle East: 4.3
Other Asia
(inc. India): 14.9
China: 4.5
Latin America: 4.9
Europe: 15.9
Canada & Mexico 4.3
United States: 19.5
1 Numbers may not add up due to rounding.
Growth: 1
7.1
+0.5
+1.6
+1.4
+1.8
--
+0.6
+0.4
+ 0.9
2004 World Total:
82.4
Rest Of World: 7.5
Middle East: 5.9
Other Asia
(inc. India): 16.2
China: 6.3
Latin America: 4.9
Europe: 16.5
Canada & Mexico 4.6
United States: 20.4
Thus, that demand for crude oil increased in 2004 was not a surprise. What was a
surprise, however, was the rate at which world demand grew. The actual rate at which demand
for crude oil grew in 2004 far outstripped the projections of likely growth in world demand from
the International Energy Agency (IEA) and OPEC. 44 Projections had placed likely growth in
world demand for crude oil at 1.5 percent. In fact, the 2004 rate of growth in crude demand was
3.3 percent – more than double the projections. See Figure 2-6.
26
FEDERAL TRADE COMMISSION, JUNE 2005