Oil demand has to do with how much oil we can afford, Tverberg writes, and many of the developed nations are not able to outbid the developing nations when it comes to the world’s limited oil supply.
As China endorses a reformer as president and the EU and US plan a free-trade pact, the competition to set trade rules heats up. A EU-US pact would strengthen their economies and send a signal to China to take more responsibility for higher trade standards.
Globalization uses up finite resources like oil and coal more quickly, Tverberg writes. It also increases carbon dioxide emissions and acts to increase world oil prices, she adds.