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The Analytics of Energy
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Topics: Business Intelligence, Energy, Energy and Utilities, Strategy
Every now and then, I try to link data warehousing and analytics to current events. My latest diatribe is with regard to the analytics of energy, specifically oil.
Unless you ride a bike to work every day, you have undoubtedly noticed the slight change in oil prices over the past year. To be specific, that 60 percent change from $80 dollars a barrel last year to $130 a barrel at present. That translates to nearly $4 per gallon of gas to all of us at the pump. Yikes! The question that everyone is asking, of course, based on these prices is: “Did oil consumption really grow by 60 percent in one year, or did supply fall by 60 percent--or both?” Or the famous: “It’s China and India driving the demand.” Well, let’s use our super sleuthing analytics to get to the bottom of the supply and demand myths.
The chart below details total demand for oil globally and consumption by the top five countries over the past three years in thousands of barrels per day consumed (Source: Energy Information Agency):
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Country
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2005
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2006
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2007
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United States
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20,802… |
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