Wednesday, July 21, 2010

China the World's Largest Energy User

China Becomes the World's Largest Energy User

This shouldn't come as a surprise, but it did happen a couple of years earlier than anticipated by most experts.  Reasons include better energy efficiency in the US as well as the fact that the current economic troubles had less of an effect on China.

Now, more than ever, China is competing with the US and the world for access to energy.  Chinese oil companies have become major players in the redevelopment of Iraqi oil fields, and Chinese oil companies dominate the oil industry in areas where the US won't operate, such as Sudan.

Whatever your stand on global warming, oil drilling, and carbon trading, it seems we all have to agree that energy independence, or at least less reliance on foreign energy, is an issue of national security.  Increasing demand and flat or declining supply guarantees not just higher prices ahead, but the real possibility that sufficient supply may not be available at any price.  What do you think?

No comments: