Douglas-Westwood warns Congress on Chinese oil & gas demand

Posted by Kendall Harmon

In evidence to the US House of Representatives Subcommittee on Energy and Power's hearing, April 4th, regarding the "The American Energy Initiative", Douglas-Westwood LLP's Managing Director, .Steve Kopits, gave dire warnings about the likely development of China's future energy demand

"China's oil demand will likely keep pressure on oil prices for the indefinite future," said Kopits. "China consumes 10 million barrels of oil per day (mbpd) on global consumption of about 88 mbpd. ...it is already the second biggest consumer of oil in the world ...we see China surpassing US consumption levels around 2018."

Read it all (emphasis mine).

Filed under: * Culture-WatchGlobalization* Economics, PoliticsEconomyEnergy, Natural Resources* International News & CommentaryAsiaChina

4 Comments
Posted April 12, 2011 at 6:06 pm

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1. Sidney wrote:

My guess is we’ll either we’ll start living closer to work and driving less, or we’ll get into a war with China over oil.

I strongly suspect most Americans will be willing to do the latter to protect their standard of living - provided the appropriate excuse has been made by people in power who know that they get elected based on the quality of their constituents’ pocketbooks.

April 13, 12:51 am | [comment link]
2. montanan wrote:

I doubt anyone will be okay with a war with China because we only best them by a little in technology and are nowhere close in terms of numbers.

April 13, 12:56 am | [comment link]
3. Sarah wrote:

RE: “I strongly suspect most Americans will be willing to do the latter to protect their standard of living - provided the appropriate excuse has been made by people in power who know that they get elected based on the quality of their constituents’ pocketbooks.”

Oh I strongly suspect that even most political liberals would rather do the latter in order to continue their failed and foolish energy policies.

April 13, 9:04 am | [comment link]
4. Bill Matz wrote:

Oil sands, shale, natural gas. Who needs oil imports?

April 14, 1:19 am | [comment link]


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