China's Oil Imports Up 12.7% YOY During First Five Months Of 2008 - Xinhuanet

[hatrack]

BEIJING, June 11 (Xinhua) -- China's oil imports posted double-digit growth in the first five months of 2008 as global crude prices more than doubled from a year earlier, the General Administration of Customs said Wednesday.

The country imported 75.97 million tons of crude oil, up 12.7 percent from a year earlier, with average prices rising 64.1 percent to 689.9 U.S. dollars per ton.

Imports of oil products jumped 17.3 percent to 17.34 million tons. Prices soared 66.9 percent to average 709.6 U.S. dollars per ton.

Analysts said booming domestic demand, notably from the severe winter and quake reconstruction, fueled imports.

EDIT

http://news.xinhuanet.com/english/2008-06/11/content_8349662.htm

[David__77]

1. China would be smart to invest a lot of resources in developing domestic oil industry.

China should make it a goal to be a net energy exporter. This means an aggressive push for oil, coal, hydro, and nuclear power development. It could invest 1% of GDP into this effort and it would pay tremendous dividends in the years ahead.

[hatrack]

2. They'll probably peak either this year or next, depending on Da Qing

Their first year of oil importation was 1993, and it won't be the last.

[NickB79]

3. They already are aggressively pushing coal

They're building 1 new coal-fired plant PER WEEK.

They now have air you can chew your way through, and CO2 emissions to rival the US.

[David__77]

4. I think they should go for hydro and nuclear first.

Of course growth must be balanced with environmental concerns.

[Zachstar]

5. They wont.

[David__77]

6. That's why the US and other developed countries should help pay for it.

Just my opinion. Let's give technology and capital to developing countries, targeted toward environmental protection. A "Marshall Plan" for the environment.

[GliderGuider]

7. With global financial destabilization looming,

there won't be the spare capital to do this a year from now.

We're running out of money, we're running out of gas, and we've run out of time. The only thing we haven't run out of is coal...

[Nihil]

8. Out of interest ...

... why do you think that the country that has done the most
to block positive moves in environmentalism around the world
(i.e., not just in its own backyard) is going to suddenly
turn around to donate funds for a major competitor to do the
right thing instead?

Or was it just a "clap harder" moment?
:shrug:

[Zachstar]

9. This is your 130 USD oil.

And before you say 12.7 is small keep in mind china is HUGE and I mean HUGE. And there are still MANY areas with growing demand for fuel.

The end of cheap oil is not due to speculation. It is due to growing countries with money to spare. When a balance is found you will be lucky to be paying under 10USD for gas.

[amandabeech]

10. IIRC, China subsidizes gasoline and diesel, like many other producing countries.

Business and industry in China aren't paying even what we do, let alone the Europeans.

Chinese refineries that depend on oil imports are having trouble staying in business because they buy oil at the world price and sell the products at the subsidized price. Doesn't work.