Global Oil Bill

The global oil bill soared to a record $4,252bn (annualized) during June 2008. It then plunged to $1,256bn during December 2008. That drop of $2,996bn was unprecedented and undoubtedly was one of the reasons why the global economy recovered so quickly over the past two years. The oil bill rebounded 149% back to $3,125bn during January 2011 from the 2009 trough. The good news is that global oil usage has increased nearly 3mbd over this period, reflecting the recovery in global economic activity. The 190% increase in the price of oil over this period also reflects the recovery, but it is also cutting into consumers’ purchasing power. The recent spike in the oil price is more troubling since it reflects possible supply disruptions. We update this chart regularly for subscribers in Analyst's Handbook: Energy.