Wednesday, April 30, 2008

Chinese carbon subsidies

While the developed countries propose and implement costly measures to reduce carbon emissions, China's seemingly insatiable appetite for carbon gets subsidized:

Soaring oil prices have not slowed China's consumption of oil as statistics show that China's apparent consumption of crude oil and refined oil products both hit record highs in the first quarter of the year.

According to statistics released Tuesday by the China Petroleum and Chemical Industry Association (CPCIA), China's apparent consumption of oil products composed of gasoline, diesel and kerosene rose by 16.5 percent year on year to 52.73 million tonnes in the first three months, and crude oil, rose by 8 percent to 91.8 million tonnes.


State ceilings on prices of domestic oil products was the major reason contributing to China's surging oil consumption in the first quarter [emphasis added].