For flexible prices

Energy major BP unveiled its compilation of world energy statistics recently and its chief economist ChristofRuehl presented a fascinating picture of fuel substitutions in the US, Europe and Japan, facilitated by flexible prices. World primary energy demand grew by 2.5% in 2011. Consumption of oil grew 0.7% and of natural gas, 2.1% while nuclear energy declined 4.3%. Coal saw the sharpest rise in consumption, of 5.4%.

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