BP – World energy markets put to test in 2000

The Review also tracks the response of markets. Oil demand growth was weak in 2000 as high prices encouraged conservation and substitution into alternative fuels: coal consumption increased for the first time since 1996. This demand growth weakness appears to have carried into 2001. With oil production from both OPEC and Non-OPEC growing strongly, global oil production capacity appears to be growing faster than demand.

LOS ANGELES, June 28, 2001 — Currently planned remedies to California’s electric power shortage crisis could result in 112 hours of power outages this summer, a 1.5% decline in the gross state product, and a more-than one-half percent increase in unemployment.

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