The relationship between energy and global economic growth has never been clearer than in BP’s World Energy Statistical Review for 2010. No sooner had the global economy shook off the shackles from the last recession than energy demand exploded. It grew by more than 5.5 per cent last year, the largest annual increase in more than 30 years.
Not surprisingly, oil played a centre stage role in last year’s spectacular increase in global energy demand. It is, after all, the world’s single most important fuel, accounting for more than a third of all the global energy produced last year. What makes last year’s global oil numbers particularly interesting is the fact world oil demand had fallen in the two previous years - a victim to the global recession. They were the first annual declines in global annual oil consumption since 1983.
Not surprisingly, oil played a centre stage role in last year’s spectacular increase in global energy demand. It is, after all, the world’s single most important fuel, accounting for more than a third of all the global energy produced last year. What makes last year’s global oil numbers particularly interesting is the fact world oil demand had fallen in the two previous years - a victim to the global recession. They were the first annual declines in global annual oil consumption since 1983.
