Via CSMonitor.com:
China has edged out the US as the world’s biggest oil importer.
The shift reaffirms China’s ballooning growth and middle-class demand for cars and other amenities. Meanwhile, the US has slogged through five years of post-recession economic malaise. Americans are driving and buying less than before.
That’s only half the story. The other half is one of American innovation in domestic energy conservation and resource extraction. A shale oil and gas boom has driven production to levels not seen in decades and efficiency standards have slashed household and vehicular consumption. The deployment of renewables and alternative fuels have contributed to a supply-demand balance that works very much in consumers’ favor.
Click the link to see more: China drives its way to No. 1 oil importer, overtaking US – CSMonitor.com
Points:
- “China lags behind the US in developing its shale resources, and poor infrastructure, difficult terrain, and tricky geology may make it difficult for China to replicate the US’s success with the controversial hydraulic fracturing and horizontal drilling of shale formations.”
- “Despite increased domestic production, the United States finds itself intricately linked into the global economy and global energy markets ensuring that the United States will remain interested in those areas.”
Ponder: Will the US start getting some of that cash back from China and reduce the trade deficit?