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How oil prices are wrecking the economy
June 12, 2008
If Goldman Sachs is proved right (oh-oh!):
It means the prognosis for us in India is...
Unsubsidised petrol and diesel could cost over Rs 100 per litre in India
Growth may slow to much lower than the current 8 per cent
Inflation may rise to over 16 per cent
All of India's oil companies may become sick if prices continue to be subsidised
And the world economy may slide into recession
And some more interesting facts
China, India, Russia and West Asia oil demand: 20.67 million barrels per day
US oil demand: 20.38 million barrels per day
China oil consumption: 7.89 million barrels per day
2.45 billion people in China and India used only half as much crude as 301 million people in the US
In India, energy use is less than 10 per cent of America's on a per-capita basis
The International Energy Agency says.
The world's energy needs would be well over 50 per cent higher in 2030 than today
China and India would together account for 45 per cent of the increase in global primary energy demand
Image: Commuters are stuck in a traffic jam at the Bus Rapid Transit (BRT) corridor in New Delhi| Photograph: Prakash Singh/AFP/Getty Images
Also read:
India's top 10 pharmaceutical companies
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