A worldwide thirst for oil

dallasnews: U.S. motorists are burning more gasoline than ever, too. But the global kings of gas guzzling are facing major challenges from their Asian counterparts.

The shifting tide is launching a new era of competition across the oil sector. Rapidly developing nations are growing thirstier for petroleum while wealthier countries - especially the United States - do little to rein in their own demand.

For U.S. consumers, the growing battle means that higher prices at the pump - already $2.35 a gallon in Dallas as the price of crude soars past $64 - may not go away anytime soon.

The threatening imbalance between supply and demand has already started a struggle that's smoldering from the Sea of Japan to Venezuela's Lake Maracaibo to the Caspian Sea in Central Asia.

The developments could reshape foreign policy in the coming century as energy-hungry nations increasingly forge alliances with U.S. foes. Read more