DrumBeat: June 13, 2008
Europe: Oil's Brave New World If you want to see the future of oil, look at Europe. Since 1999, Europe has increased oil imports more than 20%--just slightly less than the amount consumed by Germany in 2007--to compensate for declining domestic production. In other words, Europe is running out of oil and scrambling to secure new supplies to fill the losses. And those losses are coming more quickly than predicted, primarily in the once-prodigious oil fields of the North Sea. After peaking i
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