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China’s Crude oil import to 55% December 25, 2010

Posted by hslu in China, Economics, Energy, Global Affair.
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Last year’s figure was 53%.

And in a decade or so as China’s domestic oil productions decline and as more Chinese purchasing cars for personal use, the figure will approach 70%, the amount of crude oil imported by the United States now.

The competition for reliable crude oil supply between these two countries has no end in sight.

I, however, think the United States has an disadvantage here:

Although many oil rich nations, such as Iran, Iraq and Saudi Arabia, like American dollars, they hate America and Americans.

The Chinese pay them in US dollars too. In a few years, these countries may demand payment in Euros rather than in US dollars.

Who knows, they may even take Renminbi instead of US dollars in ten to 15 years.

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