Friday, January 07, 2005


China To Pump Oil Into The Ground

Those who consider that the US should use its strategic oil reserves (which are, as I understand it, big ol' holes in the ground where oil can be stored) to stabilize prices, instead of using them as an emergency supply, might consider arguing with the Chinese, as well:

China, the world's second-biggest oil consumer after the United States, is likely to start filling strategic oil reserves next year in order to ensure a stable and rapid growth of the world’s fastest growing economy, a senior economic official said on Thursday.
Regardless of your political philosophy, keeping a little oil tank in your own backyard is only prudent.

Note that, at this point, the Chinese have some catching up to do as they don't even plan to start until 2006.