Oil & China Free Essay, Term Paper and Book Report
Oil demand in 2004 went up 15%, while the output went up by 2%. That simple statement explains the oil crisis that the world is facing is the fact that it is simply going to run out in few years, or there will not be enough oil fields to satisfy the need. This is also the reason for the 50 dollar hike in the cost of crude oil since 1999. But there are two major determinates for the hike, India and China. Another contributor comes from Chinas spending for rights to oil fields, not only in Asia but around the world. China accounts for 40 % of the growth for the last five years, and has recently passed Japan to be the number two most oil consuming nation behind the United States. The quest for oil comes from two major determinates, one that chinas economy is demanding more resources and that the average Chinese family now owns 2.4 cars instead of 0.34 in 1999.
Currently the U.S. is the bully when it comes to users of the worlds energy. As of 2004 the US was demanding 20.25 million barrels of oil a day. It is easy to blame the US for the massive consumption, the US ha......
Word Count: 1060
Page Count: 4.2 (250 words a page / double spaced)
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