Chinese pressure on petroleum prices worldwide will continue to be an issue even as more and more alternative fuels become available. Their energy consumption is outpacing the growth of their economy. As more affluence trickles through their economy, demand for once-considered-luxury items such as automobiles will grow.
10/31/2007 16:27
CHINA
Petrol crises hits Chinese boom
While the price of petrol per barrel continues to climb the government orders a price freeze to block inflation. Hunger for energy is weak point of Chinese economy.
Beijing (AsiaNews) – The price of petrol and the government’s attempts to stop inflation are at the roots of the drastic petrol and kerosene rationing at petrol pumps. Even in the capital many stations of the state Sinopec are rationing their supplies.
The rations have been in vigour for some time now in the rich coastal areas: Guangdong, Fujian, Jiangsu and Zhejiang. But it has now spread to poorer regions such as Anhui, Henan, and Hubei.
The problem is caused by the government’s reluctance to allow the selling price of petrol and diesel rise; for fear that an increase will result in a new wave of inflation hitting the poorest most. The last increase...(complete article here).
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