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Author Topic: China buying oil to fill their emergency reserve Back to Topics
PD

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Message Posted: Feb 11, 2011 8:02:05 AM

With China's increasing reliance on crude oil, they have found that they desire an emergency reserve, similar to the Strategic Petroleum Reserve (SPR) the United States operates.

While the United States looks into expanding its current 727 million barrel capacity, China is looking to boost their reserve capacity to 274 million barrels by 2012. Interestingly, China won't confirm the capacity of their reserve for two years when the second phase of their project is complete.

In the last few weeks, China has confirmed that their strategic stockpile reached 178 million barrels at the end of 2010 while commercial stockpiles stand at 168 million barrels. That's a far cry from numbers out of the United States, where the SPR carries...

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REPLIES (newest first) Post a Reply
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livable1
Champion Author New York

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Message Posted: Aug 20, 2011 11:51:17 PM

I be they are.
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nate31379
Champion Author College Station

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Message Posted: Aug 15, 2011 5:51:31 PM

Good for them
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livable1
Champion Author New York

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Message Posted: Jul 18, 2011 5:38:15 PM

smart?
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Vette1967
Champion Author Albany

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Message Posted: May 18, 2011 8:59:23 PM

This is an old story from over 3 months ago.
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badbonita
Champion Author Syracuse

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Message Posted: May 13, 2011 8:35:29 AM

Ergh, it would be better to fill a reserve when the price is low not when it's high. Too bad China just now realized that they needed one.
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tikkanen
Rookie Author Lexington

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Message Posted: May 3, 2011 12:31:25 PM

What good is having a strategic oil reserve if we don't use it when prices are at record highs?
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Eric2448
Champion Author Pennsylvania

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Message Posted: Apr 12, 2011 1:40:29 AM

Good for them.
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RegularGasUser
All-Star Author Albany

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Message Posted: Apr 8, 2011 5:45:50 PM

I am sure all countries have and want to increase their petroleum reserves........so......
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wxman08
Champion Author Vermont

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Message Posted: Mar 31, 2011 9:55:37 PM

"We need to start using our own oil, gas would be so much cheaper..other countries would be buying off us"

Nonsense "chamaco170"! The USA has NEVER been able to extract enough oil to meet our current level of demand, period.
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jcVA
Champion Author Virginia Beach

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Message Posted: Mar 28, 2011 7:35:50 PM

thx china for helping us???
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Michael29644
Champion Author Greenville

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Message Posted: Mar 26, 2011 7:00:21 AM

I fail to see the reason for the doom and gloom shown here. They're just doing (on a far smaller scale, so far) something we've done for years.
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clpassenubye
Champion Author Los Angeles

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Message Posted: Mar 24, 2011 1:22:17 PM

This is not good news for the US or the world
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alramirez
Veteran Author Virginia Beach

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Message Posted: Mar 23, 2011 12:07:32 PM

speaking of seen the new commercial where they say we will work for them by 2030 because they are buying up all our debt
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g747
Champion Author Mobile

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Message Posted: Mar 21, 2011 5:08:36 PM

I don't blame them.
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chamaco170
Rookie Author Dallas

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Message Posted: Mar 20, 2011 3:27:17 PM

Can china do better than america?
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chamaco170
Rookie Author Dallas

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Message Posted: Mar 20, 2011 3:26:35 PM

We need to start using our own oil, gas would be so much cheaper..other countries would be buying off us..economy would be better..
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GasSaver55mph
All-Star Author California

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Message Posted: Mar 17, 2011 11:07:21 PM

If we would get big oil out of the mix and subsidize solar, wind, turbine, and other clean renewable energy, we could greatly reduce our dependence on oil.
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GAC1Shirt
Champion Author Georgia

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Message Posted: Mar 17, 2011 9:34:53 PM

We have to end the addiction to oil. We can still have decent vehicles to drive with new technology. We were talking about synthetic fuel in the 70's. That's all we do. We used to be a country that got things done, now we spend too much time and energy "discussing". Our government needs to grow a set and MAN UP.
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Leglinger
Veteran Author Raleigh

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Message Posted: Mar 17, 2011 4:16:54 PM

I think you will see more group buying the supply.
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jcVA
Champion Author Virginia Beach

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Message Posted: Mar 17, 2011 3:16:35 PM

hey why is it that when a tragedy occurs oil falls???????? it scares the specs////lol
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g747
Champion Author Mobile

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Message Posted: Mar 16, 2011 3:43:36 PM

China is an emerging Economy;but that would drive the demand up sharply;but for how long.
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Pete12
Champion Author Albany

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Message Posted: Mar 10, 2011 4:01:04 PM

I don't trust the leaders of China any further than I can throw them.
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CruiserKY
Champion Author Lexington

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Message Posted: Mar 10, 2011 3:28:40 PM

It appears that China is wanting to make sure they can operate in the event of a global shortage. They use oil for a vast percentage of their export economy, so it critical for their work force. As they move into being a higher energy country they will consume more oil daily.
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Vette1967
Champion Author Albany

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Message Posted: Feb 16, 2011 12:31:31 AM

Wonder whats up their sleeve?
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 14, 2011 6:13:19 AM

wxman: thanks for doing that research. And yes, the US is still the biggest fossil fuel hog. Yet, ppl here seem to think it's a right to waste.
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tomok
Champion Author Portland

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Message Posted: Feb 13, 2011 4:00:01 PM

And other large countries will have strategic oil reserves so they will have oil when they need it.
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wxman08
Champion Author Vermont

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Message Posted: Feb 13, 2011 2:56:43 PM

"The ChiComs don't seem to have a problem with using fossil fuels to drive their economy, why should we!?"

Because fossil fuels are running out at ever increasing rates "Cuzilla". Wake up!
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wxman08
Champion Author Vermont

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Message Posted: Feb 13, 2011 2:53:12 PM

"Americans and Canadians beware- China may overtake the United States in oil consumption in the next decade or two, driving prices to new records in the process."

WRONG!! The USA consumes more oil right now than Japan & ALL of Europe *combined*, and India & China combined only consume less than half of what we do right now. China can produce more than 50% of what they use daily, while we in the USA can only produce roughly a third of what we use daily.

The idea that all those people in India & China are going to have at least one car per household (like we basically do here in the USA) at some point is just silly. Have you even been to these countries?? They don't have the need or the infrastructure for that. The modes of transportation that they choose tend to be small (small cars - India came up with one of the smallest cars ever produced recently, motor-scooters, etc.), public (trains, buses, etc.), and non-oil consuming (bikes, walking, etc.).

The roughly 2.5 billion people in China & India use only half as much crude as roughly 300 million Americans do. The average person in China consumed less than 20% as much energy as the average American in 2005, according to U.S. Energy Department.

India & China don't have the road infrastructure that the USA does. China & India combined have a loooong way to go before they come anywhere near what we consume in the USA. Heck, apparently India (for some strange reason) has been exporting more oil recently than China. IMHO, the world's oil supply will have run almost dry before those two countries ever come close to being the oil hog that the USA is right now.

China's recent increase in oil (over 2 years - 2005-07) use went up by less than 5% the amount of oil that we use in one day in the USA. China has less than 40% of the maximum refining capacity of the USA.

Whenever you hear someone try to blame rising oil prices on China & India...remember the above facts!

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2085rank.html

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2176rank.html

http://www.nationmaster.com/graph/ene_oil_con-energy-oil-consumption

http://www.eia.doe.gov/emeu/aer/txt/ptb1109.html

http://netoilexports.blogspot.com/2008_06_01_archive.html
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wxman08
Champion Author Vermont

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Message Posted: Feb 13, 2011 2:49:55 PM

Test
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 13, 2011 9:29:40 AM

ScottE: the best way is to avoid buying Made in China, esp. at Walmart.
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 13, 2011 9:25:43 AM

why is that no surprise to me?

As for market, nah... just "normal" reaction to the Middle East tensions.
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ScottE
Champion Author Orange County

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Message Posted: Feb 12, 2011 9:54:46 PM

We've got a nat'l reserve planned for 1billion brls. We'll tell them how to make that kind of reserve if they give us our economy back. Re-Value the Yuan and start to live with your intl. neighbors instead of using them.
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torn8owx
Champion Author Philadelphia

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Message Posted: Feb 12, 2011 7:31:43 AM

Do you think the market is acting on this information?
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HiGramma
Champion Author Michigan

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Message Posted: Feb 12, 2011 1:52:11 AM

this is what's going to keep world demand high and encourage speculators to bid high in hopes of driving up the prices/profit
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sssowinski
All-Star Author Sacramento

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Message Posted: Feb 12, 2011 1:40:03 AM

Can you say "china wants to guzzle, too!"
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jrsva
Champion Author Virginia

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Message Posted: Feb 12, 2011 12:16:40 AM


I need to fill my farm tank but I hate to do it at current prices.
Sigh. Better do it now. Maybe they’re gonna get worse
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joel27nc
Champion Author Raleigh

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Message Posted: Feb 12, 2011 12:15:10 AM

So should we pay some of our debt to them with our oil?
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Beboper
Champion Author Virginia

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Message Posted: Feb 12, 2011 12:14:22 AM

old news
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ivica
Sophomore Author Oklahoma

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Message Posted: Feb 12, 2011 12:07:53 AM

Usa did it yesterday
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VetteFan
Champion Author Indiana

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Message Posted: Feb 12, 2011 12:07:53 AM

This will make speculators thrilled and U.S. consumers sad as prices jump again.
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BobD2009
Champion Author Long Island

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Message Posted: Feb 12, 2011 12:06:02 AM

It's nice to have money and not a deficit.
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rxman1
Champion Author Toledo

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Message Posted: Feb 12, 2011 12:04:37 AM

This just another factor that will keep the cost of fuel going up.
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Quick68
Champion Author Columbus

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Message Posted: Feb 12, 2011 12:02:40 AM

We have ours filled and they raised the price of gas on us.
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CardinalRed5
Veteran Author Illinois

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Message Posted: Feb 11, 2011 11:57:25 PM

I SEE RED PEOPLE!
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bigreddwg
Champion Author Tampa

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Message Posted: Feb 11, 2011 11:55:30 PM

DUHH, DO YOU THINK WE SHOULD TOO???
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YellowDucky
Champion Author St. Louis

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Message Posted: Feb 11, 2011 11:54:25 PM

everyone stock piles.
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Sisu58
Champion Author Michigan

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Message Posted: Feb 11, 2011 11:47:13 PM

Gas must be at the right price to stock up. Not a good signal.
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zeddieiv
Champion Author Columbia

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Message Posted: Feb 11, 2011 11:45:07 PM

I hate China
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Cuzilla
Champion Author Indianapolis

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Message Posted: Feb 11, 2011 11:38:52 PM

China is buying all kinds of resources all over the world, wherever they can. They are also buying vast amounts of coal to feed their power stations. The ChiComs don't seem to have a problem with using fossil fuels to drive their economy, why should we!?
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BTtech
Sophomore Author Twin Cities

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Message Posted: Feb 11, 2011 11:22:18 PM

I guess we know why the gas price is getting more expensive
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