WASHINGTON: The surging demand for oil in nations such as India and China is responsible for the increase in oil rates, said Mr Barack Obama, US President.
Mr Obama, said, “For decades, we’ve left our economy vulnerable to increases in the price of oil. And with the demand for oil going up in countries like China and India, the problem is only getting worse. By 2025, the average fuel economy of vehicles will nearly double, to almost 55 miles per gallon.”
In the short-term period, US will be needing to surge safe and responsible oil production at home to fulfill the present energy needs. Moreover, US needs to produce oil as fast as possible.
Presently, US is holding talks with India over the payment of oil bills issue to Iran. Reports suggest that India is mulling to pay to Iran the oil bills in unpaid crude oil purchases via Turkey.