As I predicted in my book Toxic Capitalism and in several of my seminars, it has happened and even faster than expected. As reported by the FCCC Newsletter and other media, China passed the United States in September as the world’s biggest net oil importer, driven by faster economic growth and strong auto sales, according to U.S. government data. Chinese oil consumption outstripped production by 6.3 million barrels per day. The U.S., with a population about one-third the size of China’s, still consumes far more oil per person than China. In September, Americans used 18.6 million barrels per day of oil and other liquid fossil fuels, while China used 10.9 million, according to the EIA’s Short-Term Energy Outlook. U.S. production was 12.5 million barrels per day, while that of China was 4.6 million. China’s economy, the world’s second-largest, is cooling but still is forecast to grow by nearly 8% this year, well above forecasts for the U.S.
At the same time China is also increasing its imports of natural gas, through pipelines and through LNG shipments. The Factory of the World needs all the energy to deliver the goods to the West.