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From the UK Telegraph - when you get to the bottom of the story, the real analysis emerges:
"The US added just 7pc of crude demand growth from 2004 to 2007, compared with 34pc for China, 25pc for the Middle East and 17pc for emerging Asia.
Goldman Sachs argues that fuel prices in most of these countries are held down by state controls, insulating demand from the effect of any global downturn.
But this could change. Egypt - the most populous Arab country - has just raised petrol prices by 40pc. Rumours swept China yesterday that Beijing was preparing to lift fuel prices. While the Chinese government is unlikely to risk protests in the lead up to the Olympics, the jitters are a reminder that Asian states will have to take action sooner or later to wean their societies from subsidies.
Almost all emerging nations have to slam on the brakes in coming months to curb inflation before it starts spiralling out of control. Inflation has hit 30pc in Ukraine, 22pc in Vietnam, 8.5pc in China, and double digits across most of the Gulf.
The countries that account for the most of the growth in oil demand over the last two years are almost all nearing the limits of easy economic growth."
So - the interferance from the governments is what is causing this mess. Right now, we have calls for more meddling from the US Congress in the affairs of energy supply. Give me a break - they have messed up nearly everything they have ever tried to do.
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