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In the United States, oil demand is projected to grow by 340,000 barrels per day this year and gasoline demand is projected to grow nearly two percent, averaging 9.3 million barrels per day for the summer.

I do believe that oil production globally has peaked at 85 million barrels. And I've been very vocal about it. And what happens? The demand continues to rise. The only way you can possibly kill demand is with price. So the price of oil, gasoline, has to go up to kill the demand. Otherwise, keep the price down, the demand rises.

The Asian nation's oil demand is expected to grow this year by 800,000 barrels per day and represents more than one-third of the total growth in global demand, according to the Energy Information Agency.

Our oil problems are only going to get worse. Our trade balance is only going to get worse. So we have to slow the growth of U.S. oil consumption, particularly imported oil consumption.

Oil is a very important component of economic growth.

Global crude oil demand is increasing, particularly in places like China.

The number of children is not growing any longer in the world. We are still debating peak oil, but we have definitely reached peak child.

The country remains dependent on oil. But as we are now learning, oil is becoming increasingly scarce.

Over the last two decades, America has increased its demand for oil by nearly 30 percent, yet we have not expanded our ability to produce domestic sources of fuel.

About 75% of the price of gas is really dictated by crude oil. At the heart of the issue is increasing demand over a period of many years around the world. World crude oil consumption now is close to 90 million barrels a day. Most of the growth in demand is coming from China and the developing world.