As Consumption Grows, China Stockpiles Oil Reserves
The U.S. isn't the only global power importing more and more of its oil every year. China's explosion in population?and demand for oil?has turned a country that once satisfied its own petroleum needs into one that imports half its supply. China faces a problem familiar to Americans?dependence on foreign energy sources becoming a national security concern?and the Chinese government has responded by emulating the U.S. and building a huge reserve of petroleum. In the meantime, with crude prices low, the U.S. is looking to do the same and is setting its sights on expanding its 700 million-barrel supply.