Oil and More Oil
Moody's Talks - Inside Economics
00:00
Is Crude Crude a Fine Product?
Global consumption of crud is a hundred million barrels a day. That's crude, isn't tat no, that's oil, oil liquids. In reply, we are still the biggest consume barrels. We're still the biggest consumer. But the good news is, because of the increase in production due to fracting all te natural gas and oil that now we basically produce what we consume. For every ten dollar increase in the price of a barrel of oil, you get a reduction in g d p, the valuable things wo produced in the subsequent year,. A tenth of one %.
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