Anand Dookie
1
All posts from Anand Dookie
Anand Dookie in Anand Dookie,

China Set to Be the Next Big Oil Importer

(Image Source: CNN Money) 

China’s emerging economy will make it the number one net importer of oil by October. But this is not the only reason China will soon be importing more oil than the U.S., hydraulic fracking has made the United States more self reliant when it comes to energy. According to the International Energy Agency, the US will become energy independent by 2030.  

The oil boom in the United States has also been creating high paying jobs. Companies in the fracking industry include Chesapeake Energy Corporation (NYSE:CHK) and Nuverra Environmental Solutions (NYSE:NES). These companies are poised to do well if hydraulic fracking become more popular.

Even with the declining growth in China’s economy, oil demand is expected to grow to fuel the manufacturing sector. It is estimated that China’s demand for gas will grow 13% between 2011 and 2014. Chinese oil production is estimated to only grow at 6%.

Helping to decrease U.S. demand for oil is higher fuel standards in cars. Maybe at some point in the future the United States would be exporting oil to China. Agree?