But despite declining demand in some countries that historically were heavy users of oil, the world demand for oil seems likely to continue to rise.
On the one hand, there are countries that are prominent users of oil, such as the USA, becoming almost net exporters of oil; but what is the price paid for the self-sufficiency in strategic commodities?
I've asked Secretary Richardson to conduct a 60-day study on converting factories and major users from oil to other fuels, which will help to free up future oil supplies for use in heating homes.
In all, 85percentt of the petroleum products tainting North American coastal waters comes from users of oil, not the equipment used to extract and transport it, said the study, by a National Research Council panel.
Mr. Rooney said industrial and commercial users of oil and natural gas had also saved large amounts of money.
Stratos, based in Toronto, sells wireless equipment and satellite air time to users like oil drillers, the military and journalists working where there is little or no service from cellular or land-based telephone networks.
Meanwhile, users of oil have piled up inventories (although the most recent data showed a dip), leaving them less vulnerable to supply disruptions.The second force is the flow of investment.
Ever more affordable renewable-energy sources, and cheap gas, are proving increasingly attractive alternatives to many users of oil products.Paul Sankey of Wolfe Research, a New York-based outfit, believes that underinvestment resulting from the recent sharp dip in crude may lead to one last spike in the oil price; but after that, he reckons, the "oil age is over".
Hungary, for one, has done itself no favours by imposing a hefty bank tax, raising value-added tax from 20% to 27% and threatening other taxes on telecom users and oil companies.Bigger fears of Greek contagion surround Serbia, Romania and Bulgaria, because Greek-owned bank subsidiaries have a big share of their banking sectors.
They are not the producers or users of oil.
