China oil consumption jumps

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Maybe the chances of oil prices dropping are not so good after all. Optimists hoped that higher prices would cut the demand for crude in emerging markets like India and China. But, if wishes were horses, all the beggars would ride.

China's imports of oil rose nearly 13% in the first five months of the year. According to MarketWatch, "China's imports of crude oil in the January through May period totaled 75.97 million metric tons (659.8 million barrels)." China is about to cut the extent to which it underwrites the price of gas and diesel, and that may help the level of consumption going forward.

The news confirms some oil expert's worst fears. Countries like China are willing to bring in as much crude as is needed to help their economies grow faster than those in the US and EU. The rising need for inexpensive exports out of China means that the country must have oil to produce and transport them.

China's talk about conserving energy is lip service.

Douglas A. McIntyre is an editor of 247wallst.com.

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Last updated: February 09, 2010: 02:46 PM

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