China and India growth competition will push oil, gold and metals prices higher

19 July 2010 | 04:48 Code : 20068 Geoscience events
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China and India oil thirsty nations are already pitted against each other to secure...

China and India oil thirsty nations are already pitted against each other to secure the future of oil, metals and natural gas supplies. This demand and competition will push oil, gold, and metal prices higher. While population is rising oil, metals and natural gas demand is rising too.With 1.3 billion people, the People’s Republic of China is the world’s most populous country and the second largest oil consumer, behind the U.S. In recent years, China has been undergoing a process of industrialization and the fastest growing economies in the world. Gross domestic product growing at a rate of 9-10% a year, China’s need for energy is projected to increase by 150 percent by 2020.  To sustain its growth China requires increasing amounts of oil. Its oil consumption grows by 8% per year, seven times faster than the U.S.’ Growth in Chinese oil consumption has accelerated mainly because of China has today 100 times more cars than in 1990. With automobile numbers growing at 20% a year, sharp increase in automobile sales have been recorded in 2010.


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