01 May 2005
we have to face it: oil is no longer easy to get nor cheap.
according to Dave O'Reilly, chairman/CEO of ChevronTexaco, the situation in world oil industry is not the same as before. He calls it "the new equation". What he talks is mainly the significant change in supply and demand.
the demand is increasing; the growth in the next two decades will be about 40%. Last year, China alone contribute 30% of the world oil demand's growth!
on the other side, the supply faces a tough situation. Its growth could not meet the demand's growth. The reason is complex; so one of the best ways to try to hold our oil consumption. Use it wisely and face it, oil is NOT CHEAP, especially for oil importers (btw, Indonesia is an oil importer).