May 2011, Vol. 238 No. 5

In The News

Douglas-Westwood Warns Congress On Chinese Oil, Gas Demand

Speaking before the House of Representatives’ subcommittee on Energy and Power’s hearing regarding “The American Energy Initiative”, Douglas-Westwood LLP’s Managing Director Steve Kopits gave dire warnings about the likely development of China’s future energy demand. “China’s oil demand will likely keep pressure on oil prices for the indefinite future,” said Kopits. “China consumes 10 million barrels of oil per day (MMBpd) on global consumption of about 88 MMBpd. it is already the second-biggest consumer of oil in the world . We see China surpassing U.S. consumption levels around 2018.” On supply Kopits stated, &

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