Within Four Years, China To Consume More Oil Than US
By Kenneth Rapoza
The U.S. is on its way out as the world’s No. 1 oil importer, according to energy market researchers at Woods Mackenzie. That coveted (or not so coveted) title will belong to none other than China. As if anyone would be surprised.
According to the report, China will spend $500 billion a year on crude oil imports by 2020.
“The price China pays will far outstrip the peak cost ever incurred by the U.S. of $335 billion annually with U.S. import spend falling to only $160 billion annually by 2020,” Wood Mackenzie said in a press release last week.
This isn’t the greatest news for China, to be honest. It might be supportive of oil futures, but oil is the most costly, volatile fossil fuel around. The government wants to go green. This study suggests that Beijing is way off the color wheel.
Moreover, pressures from international bodies to reduce carbon footprints as climate change has beach fronts eroding in surprising numbers around the world will undoubtedly pressure Beijing to find alternative sources of energy. As it is, the country is already engaging in skirmishes with Japan in the East China Sea because of oil.
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