“Experts say the sharp growth, if it continues, means several of the world’s most important suppliers may need to start importing oil within a decade to power all the new cars, houses and businesses they are buying and creating with their oil wealth.”

According to this NYTimes.com article,  the economies of oil rich countries are growing so fast that they are becoming their own fastest growing markets. This increases the squeeze on countries like the US as more and more global demand will keep the price of oil rising. If we’re in Peak Oil (using the last 50% of supplies) then this feedback loop will only speed up the rate at which we run out of fossil fuels. Given that our entire economy requires access to cheap fuel to operate, we’re in serious trouble. Yet our representatives in Bali this week are obfuscating and generally refusing to accept any kind of mandated carbon caps.