Energy crisis, what energy crisis?

The first graphic shows the development of crude oil in $ US a barrel from 1970 to 2003. The price of crude oil in 2003 is at its highest since 18 years, but 50 $ US a barrel it still is a bargain as the demand rises steadily at a worldwide scale. For example, China‘s annual per-capita oil consumption is about 1.5 barrel – roughly the same as in the US 100 years ago. Within the next years this demand will increase above average.
Crude oil is needed in a wide range of products. Refineries take crude oil and break down its hydrocarbons into different products, called “refined products,” including gasoline, diesel fuel, light fuel oil (such as home heating oil), petrochemicals and asphalt, heavy fuel oil (for electricity generation), aviation jet fuel. Approx. 5 percent of the crude oil is used during the refining process itself.

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