China thirsty for foreign oil

On June 30, 2009, Dr. Wenran Jiang, Mactaggart Research Chair and Associate Professor of Political Science at the University of Alberta, was interviewed by the Globe and Mail on China's increasing appetite for crude oil, which has driven it to spend billions to acquire foreign oil producers and construct vast storage facilities to safeguard future needs.

Wenran noted that much of China's demand has come from new car owners -- in May, the government said sales increased by 54.7 per cent year over year to 812,178 vehicles. He further noted that China sold more cars last year than the U.S., and will see another 10-per-cent rise this year. He thinks this means that China is a fast-growing market for oil, and its potential appetite will be huge.

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