The oil conundrum
Letter to the Editor: The oil conundrum:
“We are told every day that the reason for the $100 price of crude oil is because of the increased standard of living in India and China, increasing the demand on the petroleum market inventories. At the same time, a lot of companies are sending their business to India and buying their products from China, all because their services and products are much cheaper and make it more profitable.
If the people in India, who we are told have a salary of $1 a day, are going to buy a gallon of gasoline it should cost them pretty much the same as in the U.S., right?”
I have often wondered this same question myself. If oil is becoming prohibitively expensive for us affluent americans how come countries like China and India are experiencing so much growth in oil consumption?
