We knew it was coming… oil is the lifeblood of modernity and China is working towards moving up in the world the “old fashioned way” which is to say on the blood, sweat, and tears of its vast population and with oil (and diesel and gas and coal):
China has overtaken the US as the world’s largest net importer of oil, in a generational shift that will shake up the geopolitics of natural resources.
US net oil imports dropped to 5.98m barrels a day in December, the lowest since February 1992, according to provisional figures from the US Energy Information Administration. In the same month, China’s net oil imports surged to 6.12m b/d, according to Chinese customs.
U.S. oil importation is down mainly because our economy isn’t as strong as it was and because – despite Obama and the Democrats – oil production is up (thank you, G.W. Bush).
Much domestic U.S. oil production is exported (where it fetches the highest prices) and China only had one month of more oil importation than the U.S. but it still illustrates that nations’ growing power – and the ability to set prices on the world market.
China is in deep trouble, however and they will likely never reach “First World” status the way the U.S. has.
Why are we so pessimistic?
The amount of money the average Chinese citizen earns yearly is still quite low. China can’t grow enough food to feed its people and, in fact, is buying land in Africa to farm. And with a population of more than a billion people, the nation is simply too large to manage.
But with more and more oil being taken off the market (and thus away from America) prices will continue to rise which puts more of a strain on an already struggling economy.
All of these facts, of course, will provide the Democrats with more reasons to push “green energy” and allowing people to believe that electric cars and windmills will save our nation.