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China Hikes Domestic Oil Prices 10%  

Posted Nov 1, 07 9:38 AM CDT in Business,  World    Editor's Choice

(newser) – China raised its domestic oil prices 10% yesterday, one of the key factors in crude’s surge to over $95 per barrel. The move was actually designed to decrease global oil prices, the Wall Street Journal explains, by lowering demand. But Chinese refineries, usually stuck with low government-set prices for their product, leapt to acquire crude for the fuel-starved nation.

China’s oil hunger has been insatiable, thanks to rapid growth and subsidized prices. That’s lead to shortfalls across the country, with cars and trucks lining up even in traditionally oil-soaked Beijing. A man was even murdered Tuesday for cutting in line at a gas station. International oil prices have risen 30% since China last upped its prices in May 2006. Over the last 5 years, Chinese consumption has grown 8.7% a year, compared to 1.5% for the rest of the world.

Source Wall Street Journal

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China Hikes Domestic Oil Prices 10%
A Chinese worker changes the display of gasoline prices at a gas station of PetroChina in Chengdu of southwest China's Sichuan province on Thursday, Nov. 1, 2007. China raised gasoline and diesel prices...   (Associated Press)
China Hikes Domestic Oil Prices 10%
A Chinese worker helps motorists filling up gasoline at a gas station of PetroChina in Chengdu of southwest China's Sichuan province on Thursday, Nov. 1 2007. China raised gasoline and diesel prices by...   (Associated Press)
China Hikes Domestic Oil Prices 10%
Tags bearing the words 'Temporary out of service' are attached to the diesel nozzles while a Chinese man walks past a gas station in Hangzhou in China's eastern Zhejiang Province Wednesday, Oct. 31, 2007....   (Associated Press)
China Hikes Domestic Oil Prices 10%
Workers change the display of gasoline prices at a gas station of PetroChina in Chengdu of southwest China's Sichuan province on Thursday, Nov. 1, 2007. China raised gasoline and diesel prices by almost...   (Associated Press)
China Hikes Domestic Oil Prices 10%
Vehicles queue up to buy diesel fuel at a gas station in Nanjing, in China's eastern Jiangsu Province, Monday, Oct. 29, 2007. Gas stations in parts of China are rationing and even halting diesel sales...   (Associated Press)
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