|SOver the long term, petroleum demand has been growing,
albeit differently in different regions of the world. The developed nations are growing more
slowly than other areas of the world, and that is true of the major Atlantic
Basin consumers of the U.S. and Europe.
|SThe right-hand chart shows that some of the highest growth
is in the rest of the world, with the large Asian economies of China and
India now dominating much of that increase.
Being driven by economic development, Asian demand grows as it simply
adds cars and trucks, even if those vehicles are the most efficient
|SIn 2007, petroleum growth had been robust, and high oil
prices did not seem to be stopping demand growth.
|–And it is worth mentioning that even after the effects of
the recession took hold in 2008, the developing world is showing less impact
on their growth than in the developed world.
|–One of the unique features of this recession is that it may
be the consumers in places like China that pull the world from this economic
slowdown rather than consumers of the developed nations.
|SIn addition to overall petroleum growth, product mix was
also shifting, as will be covered in more detail shortly. Generally distillate fuels, which include
diesel, heating oil and jet fuel, have been growing at a higher rate than
gasoline for some time – even in the United States.