Soaring oil prices are affecting demand in the U.S. but it hasn’t affected Chinese consumption one bit.
Chinese consumption of oil and gasoline hit record highs in the first quarter of this year.
According to the China Petroleum and Chemical Industry Association, Chinese consumption of oil products (gasoline, diesel and kerosene) increased by 16.5% and crude oil, rose by 8%.
Meanwhile, Chinese oil output rose by only 2.2%, leaving the difference to be made up by open market purchases.
I’ve said for years that the #1 rule for making money in the next decade is to get long whatever the Chinese are buying and they are buying energy by the cargo tanker full.
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