growth and maybe a recession.

In other words, falling crude oil prices signal a decline in global demand for energy. I suppose that’s reasonable enough, except for one small detail. Global demand for crude oil is rising, not falling.

Consumption has increased in each of the last three years — from 91.9 million barrels in 2013 to 92.8 million barrels in 2014 to 94.5 million last year, according to Barron’s. Crude oil prices have fallen over the past couple of years from about $100 a barrel to below $30 a barrel because of a supply glut — not falling demand.

U.S. drillers have dramatically increased supply through hydraulic fracturing into shale oil reserves. For example, since 2010,cheap air jordans, production in the U.S. has increased from 5.5 million barrels to almost 10 million in 2015,cheap jordans for sale, according to Barron’s.

Supplies have also been bolstered by increased production in Saudi Arabia, Russia and Iraq. The point is that falling crude oil prices are not a proxy for the health of

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Meet the Press - October 25, 2015 - NBC News_17



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