The growing demand of petroleum in countries like India, China and Brazil would be the major reason for increase in oil prices in the long term, U.S. President Barack Obama has said.
In his remarks on economy in Florida, Mr. Obama said in the short-term instability in the Middle East is the reason for its increase.
“The biggest thing that’s causing the price of oil to rise right now is instability in the Middle East -- this time in Iran. When uncertainty increases, speculative trading on Wall Street can drive up prices even more. So there are short-term factors at work here,” Mr. Obama said.
“But over the long-term, the biggest reason oil prices will rise is growing demand in countries like China, India, and Brazil,” he said.
“Just think in five years, the number of cars on the road in China more than tripled. Nearly 10 million were added in 2010 alone. Ten million cars in one year -- think about how much oil that requires. And those numbers will only get bigger over time,” Mr. Obama argued.
Mr. Obama said the U.S. consumes more than a fifth of the world’s oil, but it has only two per cent of the world’s oil reserves.
“That means we can’t just rely on fossil fuels from the last century. We can’t just allow ourselves to be held hostage by the ups and downs of the world oil market. We have to keep developing new sources of energy,” he said.
Keywords: oil price hike
Where are real gas guzzlers? US or India/China/Brazil. US is the only place where
one would find lone drivers on heavy overhauls like SUV and Pickup trucks which
are main source of gas price rise. Majority of accidents are attributed to these two
categories say for example tail gating and things like that. By getting these
vehicles off road the gas economy would definitely fare better. India too has its
share of gas guzzling except through a different channel. High population of
bike/scooter riders amount to high levels of consumption which could be
constrained by more efficient; safe; secure; comfortable public transport and other
means like sustainable energies.
obama is desperate, cornered and does not know how to handle
things. this statement is an indication of this fact. Americans should
know that its not they alone who have the right to live according to
their wishes and dreams (the great american dream).
President Obama is not right when he blames India and china for the oil price increase.US is twisting the arm of India and china to boycott Iranian oil. Naturally they have to get it from other sources. Reduced sources and increased demand means higher prices.I believe the US foreign policy is the reason for this price increase.
In simpler words:
Over eating by India and China is causing discomfort in US' abdomen.
Mr. Obama is head of a powerful democracy of the world which deals with the world like a dictator. The consumption of oil must be compared on per capita consumption. That will show the hollowness of the statement of Mr. Obama.
Let us put the politics aside. This is not rocket science. When demand
is higher than supply, prices do go up - be it onions or oil. We are
responsible in many ways for the mess. We have vehicles that are not
fuel efficient, we have a "stop and go" system when we travel (thanks
to the traffic snarls), we do not scrap our vehicles unless they are
in an accident (heard that "we-are-not-a-rich-country argument?). Then
again, the population is growing unchecked, so we need more vehicles
on the road.
How about we make fuel efficient cars, scrap old cars, and promote the
use of scooters and motorcycles (where possible) instead of cars? How
about building better public transit systems, slowing down population
growth & finally moderate consumption of gasoline?
I know these are ideas that we can not implement- We have no
government policy about this, or co-operation from the people.
Instead, how about we bash the US president for his remarks? It's so
much more fun, right?
This comment of Mr. Obama only shows his country's attitude towards
less developed countries. India, China and Brazil are developing nations
and usage of oil is ought to be high but still these countries are
struggling to develop renewable resources to meet their energy demand.
Developed nations like USA should reconsider controlling their own usage
of oil as well as their "seek oil-invade-blame others" policy rather
than pointing out effect of other countries on oil prices.
I saw an video stating an average american is 80% dependant on oil
through not only petrol. so i think the demand is increasing in the US
and not in India and thats why they attacked Afganistan , Iraq and
interfering in the seria issue. This all is for the OIL and they are
doing the same since last 60 years.....
Never expected that Mr Obama to give such a irresponsible statement. He himself knows
that the US is the biggest consumer of fossil fuels in the entire history of mankind. To blame
the two countries whose per capita consumption is too minuscule compared to that of the
US.
Mr America, dont think you are the only person having the right to live and enjoy in the world... dont forget that your companies are one of the biggest beneficiaries of such a huge vehicle sales in Asian and other countries.. if not they were bankrupt already... so dont pull behind the facts which you are enjoying the positive side and dont blame others because you were not able to achieve the same...
Bashing the US is a great sport these days. letter from Gopu and Ravi
Narayanan reflect their views, and contain little truth. The invasion
of Irag has little to do with oil prices. I live in the west, know how
it works - first of all Governments do not engage in oil trade, like
in India. Market dynamics, geopolitical situations, uncertainties of
supply and of course speculation are some factors that decide the
price of oil.
Have these readers ever been to the US? How do you "cut the cars on
the road, by half", or "travel by public transport"? Cutting cars on
the road by half would mean Chrysler, GM, & Ford lay off thousands of
workers - not a great idea. How do you travel by public transit in a
country 3 times bigger than India?
Companies like Toyota, Nissan & GM have come with electric cars. Since
their sales volumes are low, prices are high. What has India
contributed except bringing gas guzzlers, inefficient cars and the
"$2500 dollar" Nano?. Nothing. Need I say more?
As per Mr. Obama, U.S. consumes more than a fifth of the world’s oil, but it has only two per cent of the world’s oil reserves. Why can't US Citizens travel in trains and buses? When will they learn to live within their means? When will US think that public transport is important?
WHy is Obama hiding the fact that it is his country which is
responsible for the oil crisis. In the last ten years every
invasion of US in the name of democracy in Gulf has given an
astronomical rise in crude prices thereby benfitting the Sharks
in US who are partners in the refineries at Gulf.
Why cant Obama restrict the number of cars running on their road
by half. No one is US is having a small car they have on big sedan
or Big MPV's.
The very fact that the US consumes 1/5 th of the world's oil settles this argument against the USA.After building a prosperous economy based on heavy oil consumption, The US has now taken to preaching sermons to other countries which are trying to catch up with them.These kind of statements must not be made by a responsible leader.The irony is that the future of USA is dependant on the increase in consumption of the so called BRIC nations. So the US better not antagonise them by making such statements
With respect to 'gas guzzling', it would take some better introspection
on the part of the Americans to understand the real cause of oil price
rise.
US is not the only having right to consume gas. Grow up. Others around the world would like to have same standard of living what Americans have been used to. So learn how to share or go down the highway.
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