Oil production, consumption continue to decline
July 26th, 2010The July 2010 edition of Oilwatch Monthly reports that both crude oil and liquid fuels production continue their slow decline from peak levels. The charts below taken from the report are posted at The Oil Drum.
Oil consumption in the twenty-seven countries of the European Union peaked in 2006 and has since been declining at a rate of 3% per year. Oil consumption in the transport sector in the EU began to decline in 2008, dropping 1.4% from 2007. Oil consumption in road transport fell, offsetting a continuing but slowing rise in air transport consumption.
Usings less oil than the U.S. does not mean the EU is less prosperous than the U.S. EU nations consume only 60% of the oil as the U.S., but the gross domestic product of the combined 27 EU nations exceeds that of the U.S. by 15%.
