China using less oil?

14 Jul

After growing 11 percent in 2003 and 15.4 percent last year, China's overall oil use declined 1 percent in the second quarter from the comparable quarter a year earlier, the agency said.

Weird! Since China's growing demand for oil is the major cause of the rise in oil (and therefore gas) prices, China using less oil is good news. Unfortunately, it appears to just a short term effect with oil usage expected to rise once more in the third quarter.

Link: From China, Some Relief on Oil Demand

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