BEIJING, Jan. 1 (Chinese media) -- China refined 27.27 million tonnes of oil in
December, down 2.3 percent year-on-year, as demand shrank and product
inventories piled up, the top economic planner said in a web statement on
Wednesday.
In November, China processed 29.79 million tonnes of oil, up 7 percent
year-on-year.
Inventories at PetroChina and Sinopec, the two major oil refiners, hit
record highs this month, the National Development and Reform Commission (NDRC)
said. It didn't give details.
This month, the two companies cut pump prices nationwide, driving fuel
prices below the national reference prices issued by the NDRC on Dec. 18, which
were 0.91 yuan (0.13 U.S. cents) per liter of gas and 1.08 yuan per liter of
diesel.
PetroChina further lowered pump prices for gas and diesel by 0.3 yuan and
0.5 yuan, respectively, on Dec. 25. Sinopec planned a second round of price cuts
in Shanghai as of New Year's Day.
Both organizations said their cuts were intended to boost sales around the
Chinese Lunar New Year, usually a slow time for refined product sales.
However, industry experts said the cuts were probably intended to help the
refiners cut inventories that have been piling up. Earlier this year, when world
crude oil prices soared, the companies worked to ensure supplies by increasing
their refined product reserves.
"Now with weakening domestic demand amid the global economic slowdown, oil
shortages are no longer a problem," said Dong Xiucheng, professor with the China
University of Petroleum.
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It would cost the equivalent of 60 cents a gallon to charge and drive an electric car. The electricity to charge the car could come from solar or wind generated electricity. If all gasoline cars, trucks, and suv’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. Why don't we use some of the billions in bail out money to bail us out of our dependence on foreign oil? This past year the high cost of fuel so seriously damaged our economy and society that the ripple effects will be felt for years to come. Why not invest in setting up some alternative energy projects on a national basis, create clean cheap electricity, create millions of badly needed new green collar jobs, and get out from under our dependence on foreign oil. What a win -win situation that would be. There is a great new book out called The Manhattan Project of 2009 Energy Independence NOW by Jeff Wilson. I highly recommend this book for anyone interested in alternative energy. www.themanhattanprojectof2009.com
if you think electric cars are way out there in some futuristic lala land please check out the web site for a company Better Place. http://www.betterplace.com/ they are setting up infrastructures in San Francisco, San Jose and Oakland as well as the state of Hawaii to accommodate electric car use. Their site is awesome, you can actually sign an online petition to bring similar projects to you area. Just click on the get involved button in the top right hand side of the page.
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