China Takes the Title From the U.S. In Energy Consumption
Tweet
Share
E-mail
China has surpassed the United States as the world’s biggest energy consumer, according to the International Energy Agency, moving the U.S. from the top spot for the first time in over a century.
The Paris-based agency said that China, the world's most populous nation, consumed the equivalent of 2,252 million tons of oil last year. The total was 4 percent higher than the 2,170 tons consumed in the U.S.
The oil-equivalent measuring stick takes into account all forms of energy that is consumed, including crude oil, nuclear, coal, natural gas and renewable sources such as hydropower.
The surge by China ahead of the U.S. shows that the recession had less of an impact on the emerging market, while U.S. industrial activity was hampered. China has shown double-digit growth rate in energy consumption for several years, as the nation’s industrial strength continues to compound.
"The fact that China overtook the U.S. as the world's largest energy consumer symbolizes the start of a new age in the history of energy," IEA chief economist Fatih Birol said in an interview with The Wall Street Journal.
The U.S. however is still consumes vastly more energy per capita, with the average American burning through five times as much energy annually that the average citizen in China, according to Birol.
The U.S. also still holds the lead in oil consumption by a vast margin, going through about 19 million barrels per day, more than twice the amount of China in distant second at 9.2 million barrels per day.
Analyst do see U.S. oil consumption having hit its peak or possibly growing slowly in coming years , as the nation moves to improved energy efficiency and the government adopts more restrictive fuel-efficiency regulations for vehicles.
Related ETFs: Energy Select Sector SPDR (NYSE: XLE), United States Oil (NYSE: USO), United States Natural Gas (NYSE: UNG).
The Paris-based agency said that China, the world's most populous nation, consumed the equivalent of 2,252 million tons of oil last year. The total was 4 percent higher than the 2,170 tons consumed in the U.S.
The oil-equivalent measuring stick takes into account all forms of energy that is consumed, including crude oil, nuclear, coal, natural gas and renewable sources such as hydropower.
The surge by China ahead of the U.S. shows that the recession had less of an impact on the emerging market, while U.S. industrial activity was hampered. China has shown double-digit growth rate in energy consumption for several years, as the nation’s industrial strength continues to compound.
"The fact that China overtook the U.S. as the world's largest energy consumer symbolizes the start of a new age in the history of energy," IEA chief economist Fatih Birol said in an interview with The Wall Street Journal.
The U.S. however is still consumes vastly more energy per capita, with the average American burning through five times as much energy annually that the average citizen in China, according to Birol.
The U.S. also still holds the lead in oil consumption by a vast margin, going through about 19 million barrels per day, more than twice the amount of China in distant second at 9.2 million barrels per day.
Analyst do see U.S. oil consumption having hit its peak or possibly growing slowly in coming years , as the nation moves to improved energy efficiency and the government adopts more restrictive fuel-efficiency regulations for vehicles.
Related ETFs: Energy Select Sector SPDR (NYSE: XLE), United States Oil (NYSE: USO), United States Natural Gas (NYSE: UNG).
You May Also Be Interested In
- Activist Jana Partners takes 6.3% stake in Alkami Technology, urges sale
- Mama's Creations prices $100 million stock offering at $18 per share
- NextTrip joins Russell Microcap Index in 2026 reconstitution
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Citi, Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
