Two billion cars by 2030: what does this mean for energy stocks?

First, the macro: global economic growth is forecast at 3.3% in 2013. Notwithstanding regular bouts of worry by pundits, the US economy is recovering surprisingly well, despite the headwinds of the fiscal cliff. This is driven by the following factors: recovering housing starts (from a very long period of exceptionally depressed levels); recovering vehicle sales; a boom in oil and gas shale drilling; and low US gas prices encouraging repatriation of industrial activity where gas is an input. Elsewhere, even after trimming forecasts recently, the International Monetary Fund (IMF) predi...