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Did you see the news article about how China's hoarding of gasoline and diesel has driven up gas prices?

Boy how scary is that that they can control our economy simply by buying up the oil supply so that there is no shortage at the Olmpics.

Update:

I saw it on CNN or Fox this morning

Update 2:

This guy has a British accent and he is a commentator and he was saying that to watch the prices go down after the Olmpics start on the 8th of August.

7 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    China is also building more coal fired electrical plants to keep up with it's electricity needs. China is fast becoming a much bigger polluter than the US. Followed close behind by India.

    China doesn't care at all about global warming. They are just going to keep going on until THEY become the world's superpower.

  • 1 decade ago

    If that is what the report said, it was wrong. The issue is that China is suspected of hoarding oil, which if true could be partly responsible for the rise in oil prices, and by extension gasoline prices. However, if China were hoarding gasoline and diesel, as you claim the report said, it would have no bearing on the world price of oil, and certainly no bearing on the price of gasoline in the US.

    One of the things that the Chinese people were complaining about was that the hoarding of oil, gasoline, diesel, etc., was causing an increase in the price IN CHINA, and also leading to shortages.

    You expressed worry that something occurring in China could "control" the economy in the US. If China is hoarding oil it's not "controlling" the US economy, but it is influencing it. That is the way things work with a global commodity. Do you think the actions of the US in invading Iraq, with the second-largest oil reserves in the world, did not have an effect on the economy, not just of the US, but of the rest of the world, as well? Of course it did.

  • merkl
    Lv 4
    5 years ago

    This is this type of farce. If the army could simply get the oil fields and the refineries secured, they would refill there and avoid wasting coins. (What Iraqi would item?) That stated, I'm certain it makes use of plenty of gasoline, and is helping force up expenses. But do not forget, we additionally use gasoline in Afghanistan and the logistics there are rotten. It's all a funny story.

  • 1 decade ago

    Scary. How about the price of oil going down for 3 straight days after President Bush announced lifting the ban on oil drilling on the Continental shelf. Just the threat that the US would drill has dropped the price of oil. Imagine if we actually drill..

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  • 1 decade ago

    It's all part of going to a global economy. It's not just china, it's several places like India as well. Be prepared to see the samething from Russia soon.

  • Anonymous
    1 decade ago

    why blame the chinese, america is hoarding more oil than all nations on earth put together.

  • Anonymous
    1 decade ago

    i didn't see this particular article but i am aware of the situation, and yes, it is very frightening.

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