Like the United States, China imports more oil than it produces and competes around the world for oil resources.
In mid-2008, demand for oil dropped as an economic recession developed around the world. Recessions are times when economies contract rather than grow-when people lose jobs and stop buying things other than necessities. Resource consumption, manufacturing, and trade decline as a result. But recessions don’t last forever. When the populous countries around the world continue their economic expansion, the demand for oil can be expected to increase. This demand is expected to reach 118 million barrels per day by 2030. Will the Earth be able to supply this needed oil?