China was once an oil exporting country, but due to massive economic growth over the past three decades, China has flipped from being an exporter to an importer, until now.
Fuel stockpiles in China are reportedly enough to keep the country in oil for a time, and will begin buying imported oil again when the time is right. Sinopec, the major importer of oil into China claim that the market is currently at a surplus stage, but this is not expected to last. In July, China imported 606,100 tons of gasoline, and 970,000 tons of diesel respectively.
Rumors are also flying around the internet that gasoline prices at the forecourt are set to rise again, putting Chinese gas prices more inline with international pricing, which will serve to drive down demand as Chinese consumers presumebly give up their cars. The central government has denied that gas prices will shoot up immediatly after the Olympics, but did not deny the rumor totally.
Ash:
1) are those numbers in tons or in barrels/day?
2) Remember, that of a few years ago most of China’s diesel use was still being used for electricity production, not cars. That was supposed to change as more coal plants came online, but I’m not sure where the marker is at this point.
3) I don’t think higher gas prices will make Chinese drivers give up their cars, although it is likely that higher gas prices may reduce miles driven.
It says tons, which makes sense if it is imported fuel.
Ships get loaded by tons, not barrels.
I’d think that Diesel would be important for trucks not cars.
Higher prices should lead to less consumption.
By enticing people into buying smaller cars and/or drive less miles.
What amazes me is how much refined product is being imported. A tendency that is visible world wide.
This is definitely not a horrible thing as it encourages people to walk more and use mass transportations instead of driving. It is much easier in countries like China as their mass transit is far better than in America.