[kublikhan]

IIRC the majority of the oil consumed by PRC is still extracted inside PRC, this makes world price only effect a small portion of their state controlled refinery inputs. If the USA mainly burned 80% of oil from USA and only 20% imported the world price would have a more limited effect on our economy as well.

Not anymore. China's oil imports have been spiking fast in the last few years. They now import a higher percentage of their oil than the US does.

China's rising dependence on imported oil is threatening the country's energy security, and the government should step up energy management to ensure supply in future, experts have warned.

China's dependence on imported oil rose to 55.2 percent in the first five months of this year, up from 55 percent in 2010 and 33 percent in 2009, according to the Ministry of Industry and Information Technology (MIIT). Meanwhile, that of the United States has dropped to 53.5 percent.

China's oil consumption surged 10.3 percent year on year. The MIIT expected annual oil consumption to reach 468 million tonnes this year, up 6.5 percent from a year earlier.

"China is witnessing growing need of crude oil during its development of urbanization and industrialization," said Tong, who expected China's dependence on imported oil would jump to 60 percent by 2020 and 65 percent by 2030.

Experts warn of China's rising imported oil dependence

Fourth.. I think their gov subsidizes gas prices?

Not anymore. Prices in China are now higher than in the US. Although certain sectors of the economy can still get subsidized fuels, like food production and mass transit.

The pain at the pump can be felt in China too. The world’s second-largest oil consumer raised retail prices for gasoline and diesel fuel Tuesday by their widest margin in 33 months.

The price of 90-octane gasoline now costs a record $4.43 per gallon -- about 10 cents more than the average in California, according to the American Automobile Assn. It was the second time in less than six weeks that the government raised prices to try to keep pace with the soaring cost of crude oil, which has been hovering around record highs.

State subsidies for fuel will stay in place to protect grain, forestry and fishery producers as well as public transportation systems, according to China's National Development and Reform Commission, the central government authority charged with determining gas and diesel prices.

Gas prices in China have risen by nearly 50% from 2009 and have almost tripled since 2000.

Chinese fuel prices continue record rise

Because the US has low energy efficiency and is used to waste lots of energy for little benefit.

+1
It is much more efficient for half a dozens asians piled onto a scooter to drive around than it is for a fat american walking their dog in an suv.



vs:

[seenmostofit]

Great graphic by the way. Not why the world hates us, but certainly why some people would hate SUV drivers and the American success story which makes such a graphic possible. I do this with the dog and a bicycle, the little beast just loves to tow me around.

[SeaGypsy]

Funny, my eyesight's not too good, never seen that pic zoomed. Always thought the joke was the pipe running from the dogs ass into the fuel port?!

[AdamB]

I ran is ready to engage in cooperation over major projects with China, a former member of the Majlis Economic Commission said. "Iran and China should take full advantage of the opportunities and resources and carry out fundamental planning for cooperation and joint investment as soon as possible and we are totally ready to take further bigger strides in our cooperation with the Chinese government," Gholamreza Mesbahi-Moqaddam was also quoted as saying by IRNA. He was speaking in a recent meeting hosted by the Chinese Communist Party. Highlighting the long history of close relations between the two nations, he said, "We will not forget China's help and its friendly approach during the era of cruel sanctions against the Islamic Republic." Those sanctions were lifted after Iran signed a landmark nuclear deal with six major powers, including China, in July 2015. Mesbahi-Moqaddam, who currently serves as a

Iran Ready for Broader Cooperation With China

[Tanada]

For China trading in their currency would be a massive advantage, especially now that they are importing 2/3rds of the oil they consume and are still rapidly growing in demand every year.

[AdamB]

After decades of dollar-hegemonic control, the world’s biggest oil buyer is finally getting its own crude-futures contract - the so-called 'petro-yuan' is born. The start of trading, open to foreigners, will mark the end of years of delays and setbacks since China’s first attempt at a domestic contract in 1993. Following December's final successful test, in a challenge to the world’s dollar-denominated oil benchmarks Brent and West Texas Intermediate, China will list local-currency crude futures in Shanghai on March 26, according to the nation’s securities regulator. While some details of the contract such as the size (1,000 barrels per lot) and grades have been released, other information like the delivery depots for the crude are yet to be announced. “The intention is to release more details as the launch date approaches,” Meidan said on Friday. “If the date has been settled, then it is pretty close to a finalized contract, because at this point,

The End Of The Petrodollar? China Unveils Oil-Futures Launch Date