China’s Oil Hunger Grows

China’s hunger for oil is stretching from Canada to Nigeria. According to Addison Wiggin, the Chinese state-owned oil producer Sinopec bought a 4.65 billion dollar share of Canada’s biggest tar sands project from Conoco Phillips.

What choice does China have? Oil consumption has skyrocketed from about 2 million barrels per day in the early 1980s, to 9 million this year as the Chinese start to buy more cars than Americans do.

Tar Sands in Canada

Wiggin says that China’s oil consumption could double in the next decade.

The BBC reports that Nigeria and China signed a 23 billion dollar deal for three refineries to be built in Nigeria to increase production. When completed, the Nigerian project could produce another 750,000 barrels a day.

China subsidizes energy costs, but to cut back on oil consumption, China is raising prices to the consumer. Source: Seeking Alpha

However, if China’s current plans succeed in moving rural China into the modern mainstream, the hunger for oil may surpass the United States soon.

See Electricity is the Key

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Lloyd Lofthouse is the author of the award winning novels My Splendid Concubine and Our Hart. He also Blogs at The Soulful Veteran and Crazy Normal.

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3 Responses to China’s Oil Hunger Grows

  1. kleinman says:

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  2. […] This post was mentioned on Twitter by Green Vision, Lloyd Lofthouse. Lloyd Lofthouse said: China's Oil Hunger Grows: http://wp.me/pN4pY-Cf […]

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