China Hikes Oil And Gas Prices By 18 Per Cent

It's about time. The Chinese government should not only raise prices but remove controls on the pricing as well.

Yes, a lot of countries will fowwow in removing or reducing government subsidies on energy sources. This effect combined will have a notable impact on the world's demand for oil. Isnt it great? the bright side is we are showing the Arabs that we can adapt to what they throw our way.

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the biggest oil company in China are state owned. so in a way, they didn't control on the price--- they are controlling their own company.

@w209 The current price spike has nothing to do with the Arabs. You have the got the us government to thank for that. They chose to deregulate oil futures trading several years ago. If you look back at the testimonies at the time, those that were against the bill expected that this would occur. [sarcasm] go republicans! [/sarcasm]

Holmstar you are right. but the Arabs do have control over production. And they have kept it down on purpose. Speculative trading is the mail culprit but the Arabs are at fault as well. They can regulate the number of contracts as well.

Im well aware of what I'm talking about.

lets see, assuming those are octane #s, ill go with the price of 90. at 4.96 RMB per liter, that puts it at 2.68 USD per US gallon. and they get 97 octane?

The us measures octane different than the rest of the world. 97 RON is similar to ~93 octane us.

This has not stop the chinese people from driving more.....not one bit.....Studies showed that an increase was at 8% but the increase went down to 3% due to demand not prices

At least the Chinese know how to take care of their own, I'll give them that. They are smart enough to have a budget surplus, the USA does NOT! So, They invest money to "Protect" the people and blunt the effects of market volatility. Now how long can they keep it up is the real question? Their domestic refiners are getting squeezed big time. But the US govt will let most folks just "blow in the breeze" and not lift a finger to get our Energy policy on track. Real Sad. Our time is running out.

Still too cheap, China should quadriple the price atleast...

most polluted cities of the world are in China (largely do to manufacturing) and with the surge in the number of motor vehicles to unseen levels, they have an environmental disaster on their hands.

its not cheap if you consider how much they earn compare to us

Yeah.
For instance, fellow Autospies member "Hao" probably makes $2 an hour.

Why do we still have 91 as the highest octane level in CA?...yet we still pay the highest prices?!

94 octane normally has 10% ethanol. Read the label next time you're there.

I live in Southern California, and for the 91's (the highest I can get here) the prices range from $4.50 to $5.00 in a 5 mile radius!!!

This is good for those of us in the US. If the Chinese continue to cut their oil subsidy and raise prices for Chinese consumers, eventually it will stifle demand like it has here in the US. Since China is where oil companies are focusing their resources, based on their marginal consumption growth %, if Chinese demand falls, that means lower oil prices for us as well.

evilMonkey is nothing but IGNORANT RACISM.

STERILIZE him!