What’s one way the American and Chinese economy are the same? Both have a problematic dependence on foreign oil.
Thing is, for China this dependence is soaring.
In the first quarter of 2010, China’s dependence on imported oil reached 54.5 per cent, hitting a new high, according to a report released by the China Petroleum and Chemical Industry Association. The report showed that China’s apparent oil consumption in the first quarter totaled 106 million tons, 17 per cent higher year-on-year. Apparent consumption of natural gas increased 19 per cent to 26.4 billion cubic meters.
It is notable that China’s dependence on imported oil was 54.5 per cent in the first quarter. The figure exceeded 50 per cent for the first time in 2009. Last year, China produced 189 million tons of crude oil, and net crude oil import was 199 million tons.
China is rapidly approaching America’s level of foreign oil dependence, which is 57% according to the EIA. Given the trends for both nations, we should expect China to surpass America’s level of dependence in the near future.