From The Wall Street Journal, via A Glimpse of the World:
As for China , it is true that oil demand shot up 16% last year, and was clearly a force propping up oil prices. However, as with Russia, the current sizzle can be misleading. Last year’s oil boom is simply not sustainable. Much oil went to one-off stockpiling or as a temporary fix to power shortages. Contrary to popular perceptions, all that oil did not go to fuel new Chinese SUVs. Besides, China still pales besides the real goliath of oil guzzling. Much as Russia will not displace Saudi Arabia on supply, Chinese demand will not surpass America’s for decades.
