But the total population of both countries is only around 450 million people – about 6% of the world’s population. Meanwhile, China has a population of 1.4 billion . Yet it only uses 4 billion barrels of oil per year, or about 11 million barrels per day. In other words, the U.S. – with a population about one-fifth the size of China – consumes almost two times as much oil.
But here’s the kicker...
From 2005 through 2016, China’s oil consumption dramatically outpaced all other countries in the region…
China is in the middle of another industrial revolution .
Its economy has grown 900% since 1999. As of 2017, it’s the world’s second-largest economy at around $10 trillion. Poverty is decreasing, and the middle class is growing. The standard of living is on the rise. The Chinese are watching TV, using a lot of electricity, and making a lot of stuff.
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