‘Setting the Stage for a New Cold War: China’s Quest for Energy Security”

A notable feature of 2004 was its volatility in oil prices — New York light sweet crude prices reached a peak of $55.67 on October 25 ending the year up 33.6 percent at $43.45 per barrel. While a number of supply-side and supply-chain factors have contributed to this situation, the most significant long-term factor contributing to rising oil prices is an increase in Asian demand, most notably from China. China’s unprecedented growth not only makes it a driver of a long-term increase in energy prices, but also the most vulnerable to rising oil prices.
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