China Becoming U.S. Rival in Thirst for Oil

ABC News: China Becoming U.S. Rival in Thirst for Oil

"Every day, another 2,000 new cars hit the road just in Beijing. Like a hungry dragon snaking through the Chinese capital, there's no better symbol of China's insatiable appetite for oil.

'China's now the second-largest buyer in the world oil market,' says Chen Xing Dong, an energy analyst at BNP Paribas. 'It cannot be ignored. It cannot be changed.'

But it isn't just about rising transportation needs. With its phenomenal economic growth, China is desperate for all sources of energy these days — for heavy industries, for construction, for assembly lines.