Asked in Environmental IssuesAlgebraVolumeGas Prices
How much does a gallon of gasoline cost in China?
May 24, 2008 4:40AM
I struggled to find something for 2008. But I am pretty sure China, on average is not paying anymore than $2.75 per gallon right now.
This article, however is quite good at describing just how countries around the world (notably China and Venezuela) are driving oil prices UP.
China is the fastest growing country in the world and a gasoline HOG! If you have taken Economics 101, you know that Supply drives Demand. Low supply and High Demand = Higher prices. Imports for oil into China are in the hundreds of billions of barrels.
Venezuela is the United States's top oil supplier, but with political tensions between the U.S. and this country (Hugo Chavez and his government are being accused by many U.S. policy makers, including the Bush Administration, as being a terrorist state sponsor) the import of oil from Venezuela has declined significantly, leaving the United States high and dry.
When oil is traded in a free market, it's price is determined by speculation. If you want to offset the price at the pump, your best bet is to invest in oil yourself and profit from society's thirst for fossil fuels.