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PD Moderator	Message Posted: Feb 11, 2011 8:02:05 AM Ignore PD Report Abuse 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... Visit GasBuddy Blog for full article

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

Ignore PD Report Abuse

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...

Visit GasBuddy Blog for full article

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livable1 Champion Author New York Posts:2,323 Points:283,265 Joined:Oct 2008	Message Posted: Aug 20, 2011 11:51:17 PM Ignore livable1 Report Abuse I be they are.
nate31379 Champion Author College Station Posts:333,888 Points:326,145 Joined:Apr 2011	Message Posted: Aug 15, 2011 5:51:31 PM Ignore nate31379 Report Abuse Good for them
livable1 Champion Author New York Posts:2,323 Points:283,265 Joined:Oct 2008	Message Posted: Jul 18, 2011 5:38:15 PM Ignore livable1 Report Abuse smart?
Vette1967 Champion Author Albany Posts:6,102 Points:1,302,725 Joined:Jun 2009	Message Posted: May 18, 2011 8:59:23 PM Ignore Vette1967 Report Abuse This is an old story from over 3 months ago.
badbonita Champion Author Syracuse Posts:6,356 Points:1,379,460 Joined:Jul 2008	Message Posted: May 13, 2011 8:35:29 AM Ignore badbonita Report Abuse 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.
tikkanen Rookie Author Lexington Posts:30 Points:194,625 Joined:Apr 2005	Message Posted: May 3, 2011 12:31:25 PM Ignore tikkanen Report Abuse What good is having a strategic oil reserve if we don't use it when prices are at record highs?
Eric2448 Champion Author Pennsylvania Posts:1,131 Points:230,900 Joined:Mar 2011	Message Posted: Apr 12, 2011 1:40:29 AM Ignore Eric2448 Report Abuse Good for them.
RegularGasUser All-Star Author Albany Posts:994 Points:823,350 Joined:Sep 2010	Message Posted: Apr 8, 2011 5:45:50 PM Ignore RegularGasUser Report Abuse I am sure all countries have and want to increase their petroleum reserves........so......
wxman08 Champion Author Vermont Posts:1,917 Points:401,470 Joined:May 2008	Message Posted: Mar 31, 2011 9:55:37 PM Ignore wxman08 Report Abuse "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.
jcVA Champion Author Virginia Beach Posts:1,827 Points:392,310 Joined:Aug 2008	Message Posted: Mar 28, 2011 7:35:50 PM Ignore jcVA Report Abuse thx china for helping us???
Michael29644 Champion Author Greenville Posts:5,134 Points:869,025 Joined:Jan 2011	Message Posted: Mar 26, 2011 7:00:21 AM Ignore Michael29644 Report Abuse 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.
clpassenubye Champion Author Los Angeles Posts:3,374 Points:775,180 Joined:Mar 2011	Message Posted: Mar 24, 2011 1:22:17 PM Ignore clpassenubye Report Abuse This is not good news for the US or the world
alramirez Veteran Author Virginia Beach Posts:423 Points:126,495 Joined:Mar 2011	Message Posted: Mar 23, 2011 12:07:32 PM Ignore alramirez Report Abuse speaking of seen the new commercial where they say we will work for them by 2030 because they are buying up all our debt
g747 Champion Author Mobile Posts:4,677 Points:960,395 Joined:Jul 2009	Message Posted: Mar 21, 2011 5:08:36 PM Ignore g747 Report Abuse I don't blame them.
chamaco170 Rookie Author Dallas Posts:31 Points:36,625 Joined:Mar 2011	Message Posted: Mar 20, 2011 3:27:17 PM Ignore chamaco170 Report Abuse Can china do better than america?
chamaco170 Rookie Author Dallas Posts:31 Points:36,625 Joined:Mar 2011	Message Posted: Mar 20, 2011 3:26:35 PM Ignore chamaco170 Report Abuse 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..
GasSaver55mph All-Star Author California Posts:542 Points:107,530 Joined:Apr 2009	Message Posted: Mar 17, 2011 11:07:21 PM Ignore GasSaver55mph Report Abuse 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.
GAC1Shirt Champion Author Georgia Posts:1,364 Points:760,715 Joined:Sep 2006	Message Posted: Mar 17, 2011 9:34:53 PM Ignore GAC1Shirt Report Abuse 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.
Leglinger Veteran Author Raleigh Posts:314 Points:75,925 Joined:Jan 2011	Message Posted: Mar 17, 2011 4:16:54 PM Ignore Leglinger Report Abuse I think you will see more group buying the supply.
jcVA Champion Author Virginia Beach Posts:1,827 Points:392,310 Joined:Aug 2008	Message Posted: Mar 17, 2011 3:16:35 PM Ignore jcVA Report Abuse hey why is it that when a tragedy occurs oil falls???????? it scares the specs////lol
g747 Champion Author Mobile Posts:4,677 Points:960,395 Joined:Jul 2009	Message Posted: Mar 16, 2011 3:43:36 PM Ignore g747 Report Abuse China is an emerging Economy;but that would drive the demand up sharply;but for how long.
Pete12 Champion Author Albany Posts:4,915 Points:1,658,945 Joined:Nov 2005	Message Posted: Mar 10, 2011 4:01:04 PM Ignore Pete12 Report Abuse I don't trust the leaders of China any further than I can throw them.
CruiserKY Champion Author Lexington Posts:3,005 Points:143,815 Joined:Jan 2011	Message Posted: Mar 10, 2011 3:28:40 PM Ignore CruiserKY Report Abuse 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.
Vette1967 Champion Author Albany Posts:6,102 Points:1,302,725 Joined:Jun 2009	Message Posted: Feb 16, 2011 12:31:31 AM Ignore Vette1967 Report Abuse Wonder whats up their sleeve?
honda0105 Champion Author Tallahassee Posts:18,811 Points:1,635,270 Joined:Nov 2008	Message Posted: Feb 14, 2011 6:13:19 AM Ignore honda0105 Report Abuse 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.
tomok Champion Author Portland Posts:33,553 Points:2,371,260 Joined:Aug 2006	Message Posted: Feb 13, 2011 4:00:01 PM Ignore tomok Report Abuse And other large countries will have strategic oil reserves so they will have oil when they need it.
wxman08 Champion Author Vermont Posts:1,917 Points:401,470 Joined:May 2008	Message Posted: Feb 13, 2011 2:56:43 PM Ignore wxman08 Report Abuse "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!
wxman08 Champion Author Vermont Posts:1,917 Points:401,470 Joined:May 2008	Message Posted: Feb 13, 2011 2:53:12 PM Ignore wxman08 Report Abuse "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
wxman08 Champion Author Vermont Posts:1,917 Points:401,470 Joined:May 2008	Message Posted: Feb 13, 2011 2:49:55 PM Ignore wxman08 Report Abuse Test
honda0105 Champion Author Tallahassee Posts:18,811 Points:1,635,270 Joined:Nov 2008	Message Posted: Feb 13, 2011 9:29:40 AM Ignore honda0105 Report Abuse ScottE: the best way is to avoid buying Made in China, esp. at Walmart.
honda0105 Champion Author Tallahassee Posts:18,811 Points:1,635,270 Joined:Nov 2008	Message Posted: Feb 13, 2011 9:25:43 AM Ignore honda0105 Report Abuse why is that no surprise to me? As for market, nah... just "normal" reaction to the Middle East tensions.
ScottE Champion Author Orange County Posts:4,355 Points:2,217,040 Joined:May 2002	Message Posted: Feb 12, 2011 9:54:46 PM Ignore ScottE Report Abuse 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.
torn8owx Champion Author Philadelphia Posts:2,313 Points:577,515 Joined:Feb 2010	Message Posted: Feb 12, 2011 7:31:43 AM Ignore torn8owx Report Abuse Do you think the market is acting on this information?
HiGramma Champion Author Michigan Posts:1,815 Points:445,690 Joined:Oct 2008	Message Posted: Feb 12, 2011 1:52:11 AM Ignore HiGramma Report Abuse this is what's going to keep world demand high and encourage speculators to bid high in hopes of driving up the prices/profit
sssowinski Veteran Author Sacramento Posts:498 Points:107,760 Joined:Jul 2008	Message Posted: Feb 12, 2011 1:40:03 AM Ignore sssowinski Report Abuse Can you say "china wants to guzzle, too!"
jrsva Champion Author Virginia Posts:9,993 Points:1,638,975 Joined:Jan 2006	Message Posted: Feb 12, 2011 12:16:40 AM Ignore jrsva Report Abuse 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
joel27nc Champion Author Raleigh Posts:10,667 Points:1,884,120 Joined:Mar 2008	Message Posted: Feb 12, 2011 12:15:10 AM Ignore joel27nc Report Abuse So should we pay some of our debt to them with our oil?
Beboper Champion Author Virginia Posts:8,858 Points:2,189,540 Joined:Oct 2005	Message Posted: Feb 12, 2011 12:14:22 AM Ignore Beboper Report Abuse old news
ivica Sophomore Author Oklahoma Posts:126 Points:53,050 Joined:Jan 2011	Message Posted: Feb 12, 2011 12:07:53 AM Ignore ivica Report Abuse Usa did it yesterday
VetteFan Champion Author Indiana Posts:9,869 Points:2,054,230 Joined:Aug 2005	Message Posted: Feb 12, 2011 12:07:53 AM Ignore VetteFan Report Abuse This will make speculators thrilled and U.S. consumers sad as prices jump again.
BobD2009 Champion Author Long Island Posts:7,124 Points:1,266,510 Joined:Apr 2009	Message Posted: Feb 12, 2011 12:06:02 AM Ignore BobD2009 Report Abuse It's nice to have money and not a deficit.
rxman1 Champion Author Toledo Posts:9,684 Points:1,887,770 Joined:Nov 2007	Message Posted: Feb 12, 2011 12:04:37 AM Ignore rxman1 Report Abuse This just another factor that will keep the cost of fuel going up.
Quick68 Champion Author Columbus Posts:8,443 Points:1,252,525 Joined:Dec 2009	Message Posted: Feb 12, 2011 12:02:40 AM Ignore Quick68 Report Abuse We have ours filled and they raised the price of gas on us.
CardinalRed5 Veteran Author Illinois Posts:335 Points:67,300 Joined:Jan 2011	Message Posted: Feb 11, 2011 11:57:25 PM Ignore CardinalRed5 Report Abuse I SEE RED PEOPLE!
bigreddwg Champion Author Tampa Posts:5,002 Points:1,050,605 Joined:Nov 2005	Message Posted: Feb 11, 2011 11:55:30 PM Ignore bigreddwg Report Abuse DUHH, DO YOU THINK WE SHOULD TOO???
YellowDucky Champion Author St. Louis Posts:1,563 Points:434,210 Joined:Oct 2010	Message Posted: Feb 11, 2011 11:54:25 PM Ignore YellowDucky Report Abuse everyone stock piles.
Sisu58 Champion Author Michigan Posts:1,377 Points:367,910 Joined:Jun 2008	Message Posted: Feb 11, 2011 11:47:13 PM Ignore Sisu58 Report Abuse Gas must be at the right price to stock up. Not a good signal.
zeddieiv Champion Author Columbia Posts:5,740 Points:1,504,905 Joined:Oct 2006	Message Posted: Feb 11, 2011 11:45:07 PM Ignore zeddieiv Report Abuse I hate China
Cuzilla Champion Author Indianapolis Posts:12,260 Points:2,363,335 Joined:Sep 2005	Message Posted: Feb 11, 2011 11:38:52 PM Ignore Cuzilla Report Abuse 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!?
BTtech Sophomore Author Twin Cities Posts:190 Points:78,525 Joined:Dec 2010	Message Posted: Feb 11, 2011 11:22:18 PM Ignore BTtech Report Abuse I guess we know why the gas price is getting more expensive