2014-07-02 19:00:00
CHINA: FUEL DEMAND
Since the 1990s, China has experienced tremendous growth in its transportation sector. By the end of 2010, China's road infrastructure had emerged as the second-largest transportation system in the world after the United States. Passenger vehicle sales are dramatically increasing from a little more than half a million in 2000, to 3.7 million in 2005, to 13.8 million in 2010.1 This represents a twenty-fold increase from 2000 to 2010. The unprecedented motorization development in China led to a significant increase in oil demand, which requires China to import progressively more petroleum from other countries, with its share of petroleum imports exceeding 50% of total petroleum demand since 2009.2Â In response to growing oil import dependency,…
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