I just heard the most interesting take yet on one of the reasons for the run up in oil prices.  This was an interview on Fox News with some financial guru and he said that China has been stockpiling gas and diesel fuel in response to the start of the Olympics.  They are making sure they have more than enough (about 25% more than normal) as to avoid any embarrassment when they host the games.  He said they are about done stockpiling and it may be why oil has fallen the last few days.  He also said to watch what happens Aug 10, the first day of the Olympics.

china

 
Posted by Susan McQuaide on 07/17/2008 01:09 PM   Comments (5)   , , ,  
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5 Comments on August 10th - a Magic Day?

China can't stockpile enough to move the world market to that extent.  I much more plausible explanation is speculation.

07/17/2008 01:13 PM by Tchaka Owen (Elite Coastal Properties)

I don't think its just China..I think its just a speculation that is driving the cost.

07/17/2008 01:16 PM by Ritu Desai (Samson Realty)

China also lowered the government subsidies to their retail oil sales to the consumers.  That probably reduced consumption too. 

The Chinese are like Americans whereby they reduce consumption when the price goes up.

 

07/17/2008 01:25 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate

Interesting.  I will keep my eyes on it. I am with everyone else that I don't think they could stockpile enough to make a difference, but we shall see.

07/18/2008 08:38 AM by Crystal Corr (Keller Williams Greenville Central)

They might be able to do it. Since none of us are experts, we will have to wait and see.

07/19/2008 11:40 PM by Kevin Robinson (Crownline Home Builders)

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Real Estate Agent: Susan McQuaide (Keller Williams)
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