New major oil importer creates new order
Updated: 2013-03-07 20:41
The United States' net oil imports dropped to 5.98 million barrels a day on average last December. This is a record low for the country, not seen since Feb 1992. At the same time, China's average daily oil imports are at 6.12 million barrels. China will become the largest oil importer in the world this year, which will have a great impact, said an article in the 21st Century Business Herald. Excerpts:
China will spend more money to protect shipping lanes from the oil fields in the Middle East to its ports, which will increase China's oil prices. Meanwhile, the US' deficit will decrease as its expenditure on oil imports declines.
The changes in the international energy structure may lead to a new round of labor distribution around the world.
As the US' rate of energy self-sufficiency rises, global production capacity will be gradually located closer to the market and/or resource sources.
The US will create more jobs in its cutting-edge manufacturing industries, but not move jobs back from China, because the average labor efficiency of the US is five times that of China. The US is actually creating new jobs, but not moving the manufacturing jobs back.
One thing is for sure: with the increase of labor costs in China, the US will export more jobs to developing countries joining its Trans-Pacific Partners program, which will affect China’s competitiveness in the global trade system.
China will participate in the construction of the new order of the international energy market more actively and openly, and it should use its influence as the largest oil importer to cooperate with the US on international security issues to lower the costs of imported oil.
As the US explores its shale fields, China should make more efforts to develop green energies and raise the public's awareness of saving energy.