Don't Forget About China (and Their Energy Needs)

China is in full-scale dealmaking in the energy sector around the world, among other things,  buying a 50% stake in a Canadian gas project.  China is a huge consumer (and polluter), and with its huge growing population, that will continue, as the New York Times Dealbook notes: 

[I]ts energy demands are quickly outstripping its supplies, leaving the economy vulnerable to disruptions like the current Middle East turmoil. China, once Asia’s most important oil exporter, started importing in 1993. With domestic production stagnating, the country generated 3.99 million barrels a day — less than half the annual consumption. The International Energy Agency estimates China will have to rely on imports for 79 percent of its oil needs by 2030.

Yet another reason I think oil will not be dropping below $70 a barrel.  That is, unless we find vast amounts of oil on Mars.

--JPF