The rise in petrol prices following fears of a world oil shortage is also a factor.
Petrochemical and transport industries are typically the main drivers of growth in world oil demand.
The U.S. gasoline market is determined by many factors, most importantly the world oil markets.
Mr Blair has blamed the rise in fuel prices on the increase in world oil prices.
Newly motorized economies in India and China need a growing portion of world oil production.
Last year, China accounted for no less than one-third of the increase in world oil consumption.
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Russia's finances have eased lately because higher world oil prices make its oil exports worth more.
The pills, he insists, do not affect his outlook on the long-term health of the world oil supply.
He even managed to lecture George Bush by pointing out the importance of Chechnya on world oil prices.
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This 2004 article from World Oil is a seemingly exhaustive overview of how the industry deals with hydrates.
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Many economists expect China's inflation to cool in the second half of the year as world oil prices ease.
The oil market is so sensitive about Saudi Arabia because the country is so important to world oil production.
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So far world oil and gas prices have barely reacted to the events.
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So what would happen to the world oil price if a U.S. president announced a radically new domestic production policy?
The rising world oil price brought a return to economic growth in Venezuela in 2011 after two years of recession.
On top of that, adding over a million barrels per day demand to world oil markets will have its own impacts.
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But will they also drive up world oil prices, allowing Iran to earn the same amount of money on smaller volumes?
Eventually Asia's economies will recover, reviving the growth in world oil demand (it averaged 2.4% a year between 1995 and 1997).
The last Labour government often postponed planned duty increases when world oil prices were on the up - as they are now.
Moreover, the vaunted difference between world oil prices and the price the Baltics pay for Soviet oil may not be that great.
India, with about 17% of world population and a current 3.6% share of world oil consumption might add a percent or two.
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It is tantalising news for the world oil industry, America's boycott notwithstanding.
And the economy is particularly vulnerable to the unpredictable world oil price.
This news caught traders by surprise, and there may be nothing more prone to outright speculation right now than world oil petroleum supplies.
The most likely cause of a future increase in world oil prices, and thus diesel fuel prices, is stronger growth of the global economy.
Of greater relevance, the United States could release approximately three mbd onto world oil markets, Japan about one mbd and Germany roughly one mbd.
The public blamed him for hikes in gasoline prices late last year - following higher world oil prices - and further increases are pending.
Cheney said OPEC would cut production by 2.1 million barrels a day, boosting the price of world oil and increasing the profits for oil companies.
While the region's share has barely increased over the past decade, it has kept up with the 11% increase in world oil production over that time.
But this still commits the party to raising fuel duties year by year in line with inflation, no matter how high the world oil price rises.
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