Talking about Asia, what role will a rising consumer continent play in the global oil market?
They’re transforming the market. There is analysis that shows a very high correlation between the per capita GDP and car ownership. Per capita GDP in China is still quite low, and car ownership is low. But as per capita income grows, car ownership will grow. This has happened in Korea, the Netherlands and Brazil. It happens everywhere, and as you move up that curve it’s inevitable. If you believe the Chinese economy is going to grow—and I believe the Chinese economy must grow—then automobile demand and ownership must grow. If you look at Ratan Tata, a leading Indian tycoon and industrialist, he has introduced the Nano, a new [gas-powered] car that will cost $2,500. He’ll bring the automobile to the general public. And if he does that, demand is going to go up. Will the market be able to meet that demand? There’s very little spare capacity in the world. Most of it is in Saudi Arabia, and most of that is heavy oil. You also have places like Nigeria, where there’s a risk built into the ma
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