China is not to blame for rises in oil prices

On October 13, the credit ratings agency Standard & Poor’s released a dramatic report, claiming that China’s overseas energy strategy is one of the factors destabilizing global oil markets and pushing up prices. Some domestic experts predict that China’s dependence on foreign oil will by 2020 surpass that of the United States. This is incorrect and is contributing to the so-called “energy threat from China.”

As a matter of fact, big energy consuming countries such as China, the United States, Japan, Germany, the Republic of Korea (ROK) and India are all contributing to rising oil prices. But in terms of total volume, the rate of increase or the energy sector per se, laying the blame at China’s doorstep is not a compelling position.

China Daily