China to Raise Oil Imports by 14%, Sinopec Group Says
April 18th, 2007Sure, and I’ll flap my wings and fly around like a bird. Could happen, right?
Via: Bloomberg:
China, the world’s largest energy user after the U.S., may increase crude oil imports by as much as 14 percent this year to meet surging domestic demand, said an official with the nation’s largest oil refiner.
The nation may import between 160 million metric tons and 165 million tons this year, Sun Yongsheng, deputy chief engineer of Economic and Technology Research Institute of China Petrochemical Corp., known as Sinopec Group, said in the northern city of Dalian.
China is increasing oil-processing capacity by 25 percent by 2010 to satisfy growing consumption of gasoline, diesel and chemical raw materials. The country’s reliance on oil imports will rise to 60 percent by 2020 from 47 percent currently, when the imports almost doubles, Hao Hongyi, head of strategy research at China National Petroleum Corp., the nation’s largest oil company, said yesterday.
China has 1.2 trillion USD in currency reserves. They can outbid the OECD for oil if necessary. Under “business as usual”, in the near term, China can buy as much oil as it wants, and the rest of the world would have to make do with less. Hmmm, maybe a near bankrupt competitor would be better off trying to secure oil by force. Oh yeah, the UK/US/Israel axis has already done that.
Unless the U.S Currency is devalued so much that that 1.2 trillion USD isn’t worth the paper its printed on..of course he who has the most gold will still be able to trade for oil..
Bullseye Alex.
Time for the Chinese government to spend all those hard-earned dollars. Hard-earned by whom? An all too familiar equation, of course.
And I’m no Marxist (another well-funded shill), despite all the Chinese attending the nearby university in Trier, ol’ Karl’s hometown. The current bishop of Trier is also surnamed Marx, and no one flinches.
Engels (the funding channel) is naturally given less publicity. It’s also a name you’ll find in profusion among the listings the local phone book.
A lot of violence, some almost warranted it might seem, has been done in the former’s name. Not many folks can say they own their own ‘-ism”. That it’s the U.S./U.K./Israel axis managing the latest generations of mechanized reduction is no surprise, given the continuity of elite financial shenanigans through Marx right on up to occupied Mesopotamia.
That’s right America, you conquered underarmed Sumerians. Iraq is a set of lines on a picture of the earth’s surface hodge-podged together by the Brits when they were more officially leading the occupation. Always by proxy, it’s been a long and prolific run (for arms dealers and crude oil extractors).
What WILL happen when the remaining undeveloped fields in that patch of desert are being developed? Will the world stand by and watch the Eagle squeeeze it’s claws? Will it fly away, or simply retreat into massive aerially-supported bases out in the desert, complete with nasty air cover burning a fresh local crack (you think they’d let Halliburton build a huge military reservation in the sand WITHOUT refining capacity? Did you just arrive from Mars?).
Is that even a feasible strategy, surrounded by millions of angry armed locals and not-so-locals, many of whom you’ve quite ironically trained directly or indirectly, just waiting in the wings for a good shot?
How much longer can the lurching, straining “american economy” continue floating the ugly mess?
We live in interesting indeed.