"You have 2 billion people who want cars," he said.
The thirst for oil is growing faster than the world's capacity to produce it — at least 600,000 barrels a day faster, according to Energy Information Administration data.
At US$125
The Irish Times reports that oil prices have stabilised at around US$125 this week while there has been a larger than expected inventory of stocks.
Meanwhile, today's Seattle Times is reporting
;American Petroleum Institute chief economist John Felmy as saying that a fall in consumer prices is unlikely.
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Jason Walsh
Jason Walsh is Ireland correspondent of the Boston-based Christian Science Monitor newspaper and has contributed to other publications including the Irish Examiner, the Irish Times, the Guardian, the Independent, the Sunday Times, the Washington Times, El Mundo, PressEurop and USA Today.