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China's Thirst for Gaz-Guzzlers Boosts Oil Demand
SUV sales jump 43% over last year
By Peter Fearon
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Posted Jul 28, 08 3:41 AM CDT
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(Newser)
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While soaring gas prices are driving Americans to buy more energy-efficient cars, Chinese consumers are opting for gas-guzzling Buicks and Hummers, reports the Washington Post. China accounts for 40% of the world's recent increase in oil demand. There were few private cars in China 15 years ago, but today there are 15.2 million. The Chinese like them big. The number of SUVs sold rose 43% in May compared with last year.
"In China, size matters," said a business owner with a Hummer. "People want to have a car that shows off their status in society. No one wants to buy small." Despite the increase in Chinese gas demand, the US still remains the world's No. 1 oil consumer, with about one of every eight barrels of oil produced ending up in an American vehicle.