Crude oil is one of the most important sources for energy. US is one of the largest users and has a great monopoly in crude oil as it has great reserves that has been stocked for years to come. Crude oil is refines and it is used for transportation purposes. Crude oil is an important resource as it is used to make gasoline, chemicals, diesel and fuel. The presence of hydrocarbons makes it a very important and resourceful commodity.
The meandering oil prices clearly indicate economic upheaval in the world. Experts and analysts all over the world fear a double dip recession in the days to come. The global economy is in a mess. The inflation rates are increasing with each passing month. The rich are getting richer and the poor are getting poorer.
The mixed signal of slowdown that may have a rippling impact on the global economy is directly impacting crude oil prices. Even if the global demand seems to be shaken Asian demand for crude oil is robust. In fact china is playing a crucial role in this demand as it imported 4.87 million barrels a day in July 2011.
Crude oil is one of the most vital commodities today. As per the International Energy Agency the world economy has the thirst for 60,000 barrels days of crude oil. This is a fairly huge amount. This number is poised to increase and it would touch 70,000 barrels day by 2012.
For more information visit http://www.ventrumenergy.com/.
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