Ah. Not that widely apparently. ;)
Well they said so on CNN today!
I'm not sure how valid that claim is. If the chart here is of any value, China's economic growth has been on a more or less steady rise since 1998 or so:
<http://www.chinability.com/GDP.htm>
...while oil prices have been radically up and down over the same period, which would seem to indicate no tie between oil prices and China's economy:
<http://www.eia.doe.gov/emeu/cabs/chron.html>
Also, IIRC Shanghai in particular was undergoing a massive boom in the last several years, but oil prices didn't spike then either.
Well, Shanghai is only one part of China, and its conceivable India has something to do with this too (I think the CNN report claimed as much too).
But basing the claim on oil use just on the increase of China's GDP may not be the whole factor. At what point in GDP growth do people switch from riding busses or bikes to owning their own cars? Someone else correct me, but I believe one of the biggest consumers of petroleum are domestic, privately owned vehicles (POVs). If millions of Chinese are now earning enough to trade in their Huffy's for Chengdu SUVs, then there's where the spike in demand would occur...
Damon.
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Damon Agretto
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