"China alone will be adding 125m cars to its roads over the next five years, with auto production targets of 30m annually by 2016. India is spending $1 trillion on infrastructure projects over the next five years.
Variants of this are happening across Asia and Latin America. The picture is by now well-known to Telegraph readers. Two billion people in the emerging world are joining the global economy and competing toe-to-toe for scare resources with the West. Their rising demand - not our declining demand - will set oil prices."
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