Back on topic
While oil use is down in the US it is up world-wide. That said as the world economy tanks so too will the demand for oil. China and India can buy all the oil they want but they will have no use for it.
How India Should Combat Inflation
Posted by B V Krishnamurthy on April 11, 2008 6:11 AM
Indian inflation has just hit a 3-year high of 7.41%. We can take comfort from the fact that many of our neighbors are faced with 20%; even China has reported an 11-year high of 8.7%.
Global trends are cited as the primary reason for the present situation. The IMF has reported that food prices in February were 65% more than in 2005; metal prices were up by 70% since 2005 and petroleum products have shot up by over 175%. A buoyant economy, shortfall in production of several goods, sky-rocketing crude prices, and the diversion of food crops for bio-fuel have all contributed to rising prices.
The 5th biggest trading partner of the country of China is Walmart.
China can have all the oil it wants but it will do it no good if no one buys their manufactured good. That combined with oil speculation.... oil will tank in the fall.
I HOPE