Oil prices to rise with demand from India and China: Obama

Thursday, 31 March 2011, 17:59 Hrs
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Washington: With rapid increase in demand from India and China, the prices of oil in the global market would continue to increase, the US President Barack Obama has said.

He said if one looks at the long-term trends, there are going to be more ups in gas prices than downs in gas prices.

"That's because you've got countries like India and China that are growing at a rapid clip, and as 2 billion more people start consuming more goods, they want cars just like we've got cars; they want to use energy to make their lives a little easier just like we've got, it is absolutely certain that demand will go up a lot faster than supply.

It's just a fact," Obama said this in his remarks on America's Energy Security at the Georgetown University here.
Source: PTI
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