On oil, China far outsmarts US
We can thank China that gasoline prices aren’t higher than they are. By last month, China had cut imports of oil by 3 million barrels per day, the daily consumption of Italy and France combined. China’s economy, meanwhile, hums along. Americans agonize over how the price of oil affects gas at the pump. Were it not for China, a tank of gas would cost considerably more. “China is Propping Up the World Economy by Importing a Lot Less Oil,” reads a Wall Street Journal headline. There are several reasons China has been able to cut oil imports, but one is its move away from ...