China's crude oil dependency reached alarming levels last year with more than half of the country's total oil consumption coming from abroad, latest official statistics show.
Imported crude oil accounted for 52 percent of the country's total oil
consumption last year
Importing more than 50 percent is a globally recognized energy security alert
level.
Due to the country's fast economic development, increased oil imports will
continue for a long time and stepping up the exploration and development of
natural gas as substitute energy is very urgent
China has acted only as the buyer not the seller and the surging oil price means
constantly losing money.
An effective way to avoid China's oil dependency is to change the domestic
energy consumption pattern and to encourage the development and use of electric
vehicles, because about 60 percent of the oil consumption is for vehicles
we should pay more attention to how to increase the efficiency of energy
consumption
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