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Politics : Rat's Nest - Chronicles of Collapse

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To: SiouxPal who wrote (5070)	11/15/2006 3:08:51 PM
From: Wharf Rat	Read Replies (2) of 24213

Sparaxis on Wednesday November 15, 2006 at 1:36 AM EST China is almost without question going to use their SPR for "market adjusting" purposes. They recently "leased" a part of the Zhenhai SPR depot to Sinopec and stated as such. There is a common belief there that the US manipulates the oil market to harm China, despite the lack of appropriate mechanisms within their own country to transmit supply and demand signals to their 2 major oil companies, aso that such measures are appropriate. In the last few days, IEA held a conference in Beijing, in which China's participation in the international petroleum sharing agreements of the IEA were discussed, but China remains suspicious of closer ties to the organization (which, technically, can't accept China as a member since it is not an OECD member.) China's peak oil awareness has grown quite a bit since I first held discussions with various leaders on the subject in the last two years. Even the National Energy Leading Group, China's top energy policy body under the State Council, has been publishing articles on the subject on their website. In September this year, one of the articles stated: "???????????? 3021;?2010?????." ("World peak oil production is very likely to occur before 2010".) The US doesn't understand how critical oil is to the Chinese economy and the lengths to which they will go to secure it. We equate oil with car usage (and rightly so), but China's transport use of oil accounts for nearly 25 percentage points less than it does in the US...the rest drives key agricultural and industrial processes for which there is no quick or easy substitute, and for which "cutting back discretionary driving" is no solution. theoildrum.com (Original link is in Chinese)

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