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Posts Tagged ‘Chinese petroleum needs’

China Pushing for More Alternative Fuel Vehicle Sales

Reliance on foreign oil prompts government action.

by on May.15, 2014

China's reliance on foreign oil has increased dramatically due to the rapid increase in vehicles on the roads.

The rapid growth of new vehicle sales in China has led to significant increases in oil demand and oil imports, raised the price of petroleum around the world and prompted the Chinese government to offer big subsidies to motorists using electric vehicles.

Consumption of gasoline in China more than doubled from roughly 900,000 barrels per day (bbl/d) in 2003 to more than 2 million bbl/d in 2013, extending a trend of significant growth in China’s transportation sector since the 1990s.

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Automakers in China sold more than 20 million vehicles last year, including more than 550,000 in the capital city of Beijing where sales are regulated a license plate lottery that is designed to curb some of the enthusiasm for cars among China’s legions of consumers. (more…)