WASHINGTON — What will happen to the price of oil and its supply if Asia's emerging economic giants, China and India, continue their quest to raise living standards and catch up with rich nations by emulating the West's energy-intensive growth model? And what will the impact be on the global environment, which is already being battered by climate change?
When the crude oil price surged to almost $140 a barrel recently, it marked a 40 percent gain this year alone. Most analysts agree that a mainspring of the oil price rise is voracious demand from China and India. Some say that if this demand continues unchecked the oil price could reach $200 a barrel or go even higher within the next few years.
Last November, the International Energy Agency warned in its annual energy survey that if governments around the world stick with existing policies, global energy needs would be well over 50 percent higher in 2030 than today and China and India together would account for 45 percent of this increase. China surpassed Japan several years ago to become the second largest oil user after the United States.