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Re: Gas Prices
There's also the X-factor, namely China.
Quote:
U.S. agencies, think tanks and market researchers rely on Chinese government statistics and GDP-related estimates to gauge oil demand. This year, China's freak winter storms, the May 12 earthquake and the Summer Olympics have further clouded forecasts.
China's strong diesel demand spiked after the quake as the government fired up backup power generators. Beijing plans to substitute diesel for coal in power plants near the capital some 45 days before the Olympics to reduce pollution, says a Lehman Bros. report.
And, China has stockpiled oil products for transportation needs during the Olympics, analysts say.
Some argue the Olympics impact on demand has been overhyped.
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China's Oil Needs Keep Rising For Trucks, Industry, Stockpiles - Yahoo! News
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