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Re: Costs of fuel... world market forces
Posted by Reality (more from Reality) on Sun, 4 Mar 2012 18:58:52
In Reply to: Re: Costs of fuel... world market forces, Dean, Sat, 3 Mar 2012 08:47:08
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The entire Chinese oil consumption is only about 40% of that of the US; i.e. less than the US import alone. Chinese consumption would have to more than double in order to replace the US import demand if the latter were to be zero'd out. At about 5% a year, that would take more than a decade and half. BTW, they also have their own domestic production, which means the replacement time horizon would be even further off.
Furthermore, even that 5% is optimistic; IMHO, Chinese economy is about to crash as is. If on top of that the US stops exporting $100/bbl * 9mil bbl = $900mil a day, or some $250billion a year (money going in the opposite direction of oil import), there would just be that much less money the various oil exporters have to spend on buying Chinese manufacturing products (and US government bonds, weapon systems, etc.) The artificial restriction of domestic oil production in western democracies (via environmental regulations) plays a big role in impoverishing the American middle class and enlarging the feudal class, both foreign and domestic, via money laundering through the oil sheiks.
posted by 75.67.1...
Posts in this Thread:
- Costs of fuel... world market forces, Dean, Fri, 2 Mar 2012 11:07:47
- You forgot speculators, Bruce, Sat, 3 Mar 2012 21:00:14
- Re: Costs of fuel... world market forces, Reality, Fri, 2 Mar 2012 14:44:12
- Re: Costs of fuel... world market forces, James, Fri, 2 Mar 2012 11:54:20
- A chicken in every pot..., dtech aka cheaptech, Fri, 2 Mar 2012 11:24:28
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