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Wednesday, April 13, 2005

Oil Consumption Conundrum

China, the world's #1 coal producer and consumer, still burns coal for 67% of its energy needs. China is the #2 oil consumer at 8% of world use. China imports 33% of its oil consumption needs. In other words, China imports just under 3% of the worlds oil and 33% of China's energy needs are met by 3% of the worlds oil production.

The U.S. is the #1 oil consumer at 25% of world use. More than 200 million light vehicles on U.S. highways, consume 11% of total world oil production, leaving the other 14% for U.S. industry. In other words, our automobiles use 3% more of the worlds oil than all of China.

Efficiency: Japan uses 130 grams of crude oil for every $1 of nominal gross domestic product, against 230 grams in the US and 800 grams for China.

A conundrum? China is credited with 40% of the worlds increase in oil consumption since 2000. How can this be, if China consumes 8% of the worlds oil and actually imports only 3% of the worlds oil to meet 33% of their needs? Perhaps some of the numbers being bandied about are misinformation. Time for another Morley.

1 Comments:

At Thu Apr 14, 07:53:00 AM PDT, Anonymous Anonymous said...

These are good observations about China's oil consumption. The hype and illusion from the 24-7 media machine about oil is making someone a lot of money. The stock price of oil stocks following crude prices up are good examples.

It also illustrates a well known principle in the field of psychology about human behavior:

If something is perceived as true in the subject's mind, whether it is or isn't, the consequecnes can become very real to the
individual.

 

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