14 July, 2005

chinas oil consumption

The International Energy Agency (IEA) reported that China’s consumption of oil has declined by about 1% after increasing 11% and 15.4% the previous two years.  The quick and dirty analysis might point to a slowing Chinese economy while other experts attribute the stagnation/decline in oil demand to the highly regulated Chinese energy market that has supposedly set a relative gas price at $1.63 a gallon.  Read the whole story from the New York Times

Many experts agree that China needs to maintain >8% growth a year to sustain its burgeoning economy and if this decline in oil consumption means a slowdown in growth this could be an indicator that world oil prices are beginning to slow down some if not all of the worlds major economies.  Although the U.S. economy has managed to post some gains both in economic growth and through job creation it’s service based economy is relatively slow to respond to high raw energy prices where as more industrial based economy like China’s will have a quicker and much harder hitting reaction to high oil prices. 

by @ 4:56 pm. Filed under China, Asia, Coming collapse, East Asia, Economy, Northeast Asia

One Response to “chinas oil consumption”

  1. Simon World Says:

    Daily linklets 18th July

    I thought I had this market segment all tied up, but apparently not. Another blog by An Aussie in Hong Kong (via Phil) Another interesting blog is this one: Elite Chinese Politics and Political Economy, by a professor at Northwestern. How Hong Kong’s …

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