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China Isn’t Increasing Oil Imports
Wow… Here is an act of entirely commendable proportions.
China is announcing to the world that it will NOT INCREASE OIL IMPORTS due to the impact of the recent earthquake swarm. How utterly, totally responsible of them!
Whoah! Say hello to oil price moderation, if not a slow retrenchment in oil prices. (Is the Fed listening?)
Actually, if this news gets the play it deserves the price of oil ought to sell off by $20 or so per barrel. This pops the bubble.
Seriously. Knock-knock. Who’s there? POP!
The initial energy-speculation on earthquake-related oil demand was based on the fact that hundreds of Chinese dams were damaged…
6Jun2008 | Energy and Oil | Comments Off | Continued
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