EFTA01116684Set 9
2002-01-019p7,098w
energy stocks have done well over the last decade, a reflection of
rising non-OECD growth and energy consumption, rising crude prices, and declining spare crude oil capacity. Within ... stocks by market capitalization 50
70% 45
40
35
30
25 Non-OECD
20
15
Asia-Pacific
10
excl. China ... Market I March 22.2012 J.P.Morgan
Reservoir Digs: on energy investing and private equity
Non-OECD oil consumption has been rising despite declines in oil intensity, as shown below. If energy
https://www.justice.gov/epstein/files/DataSet%209/EFTA01116684.pdf
EFTA00618036Set 9
9p7,310w
decades, the oil intensity of the developed world
has been falling, followed by non-OECD countries (see first chart). This is not meant to suggest that declining availability of
cheap ... trillions) vehicles by country, Milesper gallon
0.30%
55 Europe ,•••••
0 25% Non-OECD 50 a is s sf...Japan
45
China 0.
0.20% - 40
......... „,.
35
0.15% World S. Korea
https://www.justice.gov/epstein/files/DataSet%209/EFTA00618036.pdf
EFTA01080289Set 9
2012-11-14130p66,380w
stategov. In addition, the US. Agency for tries (including the United States) and five non-OECD
International Development (USAID) has developed several member countries (Argentina, Brazil, Bulgaria, the Russian
anti
https://www.justice.gov/epstein/files/DataSet%209/EFTA01080289.pdf