China’s car ownership, sales booming

While the majority of the world continues to sit along side the gas pumps and gasp at the rising prices, there is one place in the world where this is not occurring so much, and that is in China. Sales of cars and ownership of automobiles is an all-time high, and because of this it is now accounting for 40 percent of the world’s recent increase in demand for oil.

The status of having a car now in China is basically one of the biggest indicators of success, and since the government came out several years ago basically encouraging to buy a car, the move has not only been to purchase cars, but they like ‘em big—more Buicks are sold in China now than the US, and Hummers are selling like hotcakes. Like the SUV mindset, the bigger—the better.

The question is—what does this do to the global scales of economy? Well, obviously it doesn’t help chaps like us in the United States. Obviously gas prices are precipitated by oil prices and futures, and as long as this type of population continues to eat up gas like its going out of style and continues the demand, there’s no reason to think that the price of oil won’t continue to inflate. Now, keep in mind that the US is STILL the world’s leader of oil consumption, but that’s also because of the amount of car ownership in the country—China is still on the rise comparatively on an aggressive pace. It will be interesting to see what happens as time goes on….

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China’s car ownership, sales booming

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