China mulls energy reserves spend

– Not to pick on China because she is doing no different than the rest of us are doing. It is just that she is the biggest, brashest and thus the most salient example of what humanity is doing wrong on this planet. China, India, the US and Europe are all aware that energy is going to be in short supply in the coming decades. Indeed, a wicked dance of prepositioning for future oil supplies is already well underway.

– This article discusses China unleashing her vast reserves of trade surplus money to form alliances around the world to help guarantee her energy future. The problem with this for everyone (and the other countries are doing the same thing that China is, if not with money, then with military power – think “Iraq”) is that there won’t be enough energy to meet everyone’s needs and our civilization depends on consumption and growth as necessary conditions for its continued health.

– This scenario, just as the earlier article about China and Climate Change, are just steps on the path to the coming Perfect Storm.

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China has signaled that it could use its vast foreign exchange reserves to bolster its strategic energy resources.

Vice-Premier Zeng Peiyan said China needed to speed up the hunt for fresh oil and natural gas supplies.

China’s foreign exchange reserves are the world’s largest at more than $1 trillion (£511bn), supported by the country’s strong global exports.

China is keen to secure future reserves of oil, coal and other raw materials needed to fuel its booming economy.

Earlier this year, Beijing hosted a summit of African leaders, at which access to Africa’s natural resources was discussed in return for Chinese investment in Africa’s roads and railways.

China should “take advantage of the fact we have quite large foreign exchange reserves to enhance our national strategic energy reserves”, Mr Zeng told the standing committee of the Chinese parliament.

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