From the Business Report:
Record high oil prices have been partly driven by China’s voracious appetite for energy needed to fuel the manufacturing industries powering breakneck growth in its economy, analysts say.
Oil is a top strategic concern for China as it looks to maintain growth rates at around the 9.5 percent level achieved in 2004, its fastest rate in eight years.
Behind the economic surge and the ensuing spike in oil demand are the nation’s manufacturers, which rely heavily on energy to meet the booming demand for autos, steel and electronic goods.
