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Page added on December 26, 2014

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China needing more energy

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Efforts by the Chinese government to encourage sustainable growth have led to an increase in oil demand, government data released Wednesday show.

Analysis of government data from Platts found Chinese apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, increased in November by 3.5 percent to an average 10.31 million barrels per day.

The report found demand driven largely by Chinese government efforts to keep the economy growing at a steady pace.

Platts senior writer for China, Song Yen Ling, said Chinese refiners were issuing more requests to the government for oil products. “This was mostly to accommodate additional jet fuel exports because of robust production growth.”

Last week, the Chinese National Bureau of Statistics said it estimated the economy was 3.4 percent larger last year than previously estimated, adding about $9.6 trillion to the world’s second-largest economy.

The rise comes amid word that major central banks are taking action to keep economic momentum moving forward. U.S. banks scored a win when the Federal Reserve decided to let banks hold cash from private-equity and hedge-fund investments, while Russian bankers increased a key interest rate to erase the steady decline in the value of the ruble.

Chinese President Xi Jinping said the Chinese economy was entering a “new normal” where qualitative growth is favored over quantitative growth.

China in the 35-year period ending in 2013 posted double-digit growth. It’s slowed since to around 7.5 percent in recent years.

11 Comments on "China needing more energy"

  1. GregT on Fri, 26th Dec 2014 12:32 pm 

    Infinite exponential growth, in a finite environment, is a physical and mathematical impossibility.

    Econ 101 is a failed ideology. Sustainable growth is an oxymoron.

  2. Kenz300 on Fri, 26th Dec 2014 1:01 pm 

    China is making huge investments in alternative energy sources. This is helping to drive down prices with economies of scale.


    China rolls out the world’s largest electric car charging network – YouTube

  3. bobinget on Fri, 26th Dec 2014 1:31 pm 

    Venezuela has, by ‘default’ become a Chinese colony. Being so, China in 2015, rests control of all
    Venezuelas’ exports to North, Central and South America. Over a short period, the US loses
    Venezuela, USA’s fourth biggest supplier.

    When histories are penned this coup will go down as one of China’s major victories. Not a shot fired.

    China today with its close financial ties to Iran (pipelines) and Russia (likewise) will soon be in position to control Russian gas exports to Europe.
    This is yet another amazing development, should it come to pass, surpasses the Venezuelan coup

    I see no reason why China, Iran, Iraq and Russia including Venezuela of course, will not control OPEC ver 2.0.

    GregT, You are correct of course. We must however
    look at Geopolitics, not only in our short human life spans but future societies. At this point China’s biggest competitor isn’t the West but India, whose
    population will exceed China’s in fewer years then we like to imagine. The fights over resources these two elephants will endure should dwarf current

  4. GregT on Fri, 26th Dec 2014 1:54 pm 

    “China rolls out the world’s largest electric car charging network”

    Gee Kenz, I wonder where all of the electricity in China comes from? Last time I checked the vast majority is from burning coal, and the infrastructure also is a byproduct of fossil fuels. Not to mention the electric cars themselves. They don’t exactly grow on trees.

  5. Rodster on Fri, 26th Dec 2014 9:03 pm 

    GregT “Infinite exponential growth, in a finite environment, is a physical and mathematical impossibility.”

    Man never learns. This time is different because the rape, pillage and pollution of planet Earth has gone global for the last several decades.

  6. steve on Fri, 26th Dec 2014 10:56 pm 

    I was given a “gag” gift this Christmas a book titled “What We Should Worry About” top scientist talking about the problems we face and likely outcomes. I have already heard of this book and quickly turned to the back of the book….no peak oil nothing about resource depletion….nothing…..because I am a doomer….this was my gag gift but I really wanted to tell them I am not a doomer and the facts are facts….the scientist of the world are not facing the facts maybe because they will lose funding and are fearful that they might have to work for a living….

  7. Makati1 on Sat, 27th Dec 2014 2:23 am 

    Steve, it is ALL about money and power. Common sense or intelligence has nothing to do with the way the Western world is run today, as you well know. One “exceptional” country has allowed psychopaths to take over and they are hell bent on world domination at any cost. THAT is why I see mushroom clouds in our future.

  8. steve on Sat, 27th Dec 2014 9:54 am 

    Unfortunately Makati I don’t see the PTB that intelligent to orchestrate world domination. I just see idiots trying to keep BAU going as long as possible…just like the people on the Titanic could not believe their ship was going down this world ship is going down. The people on the Right talk about endless supplies of energy if government would get out of the way and the people on the left are like Kenz up above talking about how solar will power the world. Naomi Klein is a perfect example of what I am talking about while she does talk about resource depletion she has a happy ending where we have solar on all our roofs and everything is ok in the world. So because she toed the line she is rewarded with book deals and travel and money….

  9. Kenz300 on Sat, 27th Dec 2014 10:42 am 

    Price for wind and solar are dropping in the US and around the world.

    China’s huge investments in wind and solar energy are helping to increase efficiencies and economies of scale in production leading to a drop in prices.


    Dizzying Renewable Energy Price Declines Can Help States Meet Ambitious Carbon Targets Under The EPA’s Clean Power


  10. Apneaman on Sat, 27th Dec 2014 10:48 am 

    Naomi Klein was spot on with the “Shock Doctrine”, but having a child has caused many otherwise intelligent people to compartmentalize, minimize, deny and think magical. Most people are incapable of thinking the worst. It’s just evolution’s way.

    How unrealistic optimism is maintained in the face of reality


    Unrealistic optimism is a pervasive human trait that influences domains ranging from personal relationships to politics and finance. How people maintain unrealistic optimism, despite frequently encountering information that challenges those biased beliefs, is unknown. We examined this question and found a marked asymmetry in belief updating. Participants updated their beliefs more in response to information that was better than expected than to information that was worse. This selectivity was mediated by a relative failure to code for errors that should reduce optimism. Distinct regions of the prefrontal cortex tracked estimation errors when those called for positive update, both in individuals who scored high and low on trait optimism. However, highly optimistic individuals exhibited reduced tracking of estimation errors that called for negative update in right inferior prefrontal gyrus. These findings indicate that optimism is tied to a selective update failure and diminished neural coding of undesirable information regarding the future.

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