|IEA graphic, full size at IEA.org|
"IEA calculations based on preliminary data show that China has now overtaken the United States to become the world's largest energy user. China's rise to the top ranking was faster than expected as it was much less affected by the global financial crisis than the United States." (IEA.org)China denied it.
"The IEA's data on China's energy use is unreliable," Zhou Xi'an, an official with the National Energy Administration (NEA), said at a press conference." (Xinuah)
WSJ reported on it.
So in the end, is Crude oil a coiled spring like Peter Schiff said a few days ago in his vlog, or will it re-test the lows if deflation hits the US and China economy. What do you think, will oil double from here and test the highs (147) or will it lose 50% and test the lows? Hedge funds are getting net long oil, "net long positions on the New York Mercantile Exchange rose 67 percent the week ended July 13, the most since February 2007" read the bloomberg article on July 19, 2010.
Oil - Light Crude Oil Contract (West Texas Intermediate) - Stockcharts.com
China overtakes the United States to become world’s largest energy consumer - IEA.org
China dismisses IEA analysis of it being world's top energy user - Xinhua
Why IEA names China world's top energy user - Xinhua
China Overtakes U.S. In Energy Use - NPR Blog
China energy use surpasses US. Who didn't see that coming? - CSMonitor