China Surpasses U.S. as World’s Largest Oil Importer
Based on the U.S. government data which showed that China has surpassed the United States as the world largest net oil importer as of September. Oil consumption in China have outstripped production as much has 6.3 million barrels a day which means that China had to import to fill in the gap.
The increase in import can be attributed to the fast economic growth of the country paired with strong sales in automobiles. The country’s growth in oil demand pushed it to become the largest net oil importers and if said to continue until next year and economic boom have raised incomes and as well.
And because more citizens in China are purchasing vehicles, the country is plagued with heavy smog further pressuring China to find ways to solve its pollution problem. Reports have also showed that the Chinese auto market is starting to cool down sales still went up 11 percent.
To help battle pollution vehicles buyers were given several options, subsidies and even tax breaks. Even with the use of hybrid and natural gas powered vehicles, gasoline is still the country’s main source of fuel.