6 Stories

China Runs Low on Gas

Shortage spreads to Beijing, Shanghai; government, which controls price, urges calm

(Newser) - China may be running on less-than-full tank again as gasoline and diesel shortages spread to Shanghai and Beijing, the AP reports. Long lines are a common sight outside filling stations, which have been plagued by erratic shipments. “We have no diesel available at all,” said one gas station... More »

China to Top US in Energy Use, Pollution

Demand will double in 20 years, says new report

(Newser) - China will bypass the US to become the world’s top energy consumer by 2010, a new study says. Spurred by increased demand for natural resources, the country’s energy consumption will double in just 20 years to satisfy its booming economy, the BBC reports. To quench its thirst for... More »

PetroChina Becomes First Trillion-Dollar Company

Wildly successful IPO gives China 5 of world's top 10 companies

(Newser) - In its first day of trading, PetroChina Co. became the world’s most valuable company, hitting $1 trillion in market capitalization after shares nearly tripled to 43.96 yuan from an IPO of 16.7 yuan. It’s now worth more than the entire Russian stock market. Some analysts interpreted... More »

China Hikes Domestic Oil Prices 10%

Move to lower demand spurs crude prices to record highs

(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... More »

Foreclosures Trigger Asian Drop

Fear of brake on US consumer spending

(Newser) - Asian stocks are falling again, reflecting worry the growing credit crisis in the US will puncture the economy and slash consumer spending. Mizuho Financial Group, Japan's second largest lender, dropped to a two-week low after an increase in home foreclosures in the US —and many other Asian financial stocks... More »

Buffett Holdings Tie Gates To Darfur Crisis

Berkshire owns $3.3B stake in firm said to fund militia

(Newser) - A Berkshire Hathaway investment in a Sudanese oil company is posing thorny problems for the Gates Foundation, the Los Angeles Times reports. Warren Buffet's investment outfit is the largest independent shareholder in PetroChina, whose parent company the U.N. and U.S. say funds Sudan's janjaweed militia—a stark contrast... More »

6 Stories