FOSSIL FADE: In its annual review of the world energy market, BP said that global demand for oil, gas, coal and nuclear power grew at a slower pace last year due to weak economic growth, recession and increased efficiency.
WHAT, WHERE: growth in energy consumption slowed to 1.8 percent, from 2.4 percent in 2011. Demand continued to grow in China and India, which together accounted for almost 90 percent of the global increase. But even growth in developing countries was slower than it has been over the last decade.
DRILL BABY, DRILL: At the same time, the U.S. saw its biggest-ever annual increase in oil production in 2012. The company said the U.S. produced 8.9 million barrels of oil a day, up 13.9 percent from 2011.
- Commodity Markets
- economic growth