The Petroleum Resources Of China

. . . a very detailed and fascinating description of the development of China s oil and natural gas industry and an assessment of its prospects. . . certainly a recommended read. Anthony D. Owen, Asia Pacific Journal of Economics and Business . . . this book should be a part of the library of anyone interested in the Chinese energy system. New Zealand Journal of Asian Studies This is a timely and important book to help enhance understanding of China s petroleum industry and to assess China s energy policy in a more sensible way. Janet Xuanli Liao, The China Journal This is a timely volume. Understanding the oil and gas industry that China has at home is an essential prerequisite to understanding Chinese foreign policy and the future role of China in world oil and gas markets. It is certain to be a major one. From the preface by Ron Oxburgh, Lord Oxburgh of Liverpool, (Climate Change Capital) China s rapid economic development is having profound implications for energy resources. China has always been exceptionally reliant on its abundant coal, but consumption of oil and gas have grown rapidly since reform began in the 1980s. In spite of vigorous domestic development most recently in the Tarim Basin China is now consuming approximately 8 per cent of the world s oil output but producing only 4 per cent. China s emergence as an energy importer has given rise to concerns that it is a major contributor to recent turmoil in energy markets. This book examines China s record of oil and gas development, its refining capacity, and energy prospects. The authors conclude that there are no fundamental reasons for anxiety about China s demands on the world energy economy, but they emphasize that its energy future will depend critically on a continuation of reform and internationalization. China and the Global Energy Crisis is a concise but detailed study of these issues. This book will appeal not only to readers concerned with China and energy issues, but also to a wider readership seeking to understand China s development and its global meaning.

In l933, Alice Tisdale Hobart wife of the Standard Oil Company of New Jersey manager in Nanking, published Oil for the Lamps of China. Hobart had traveled widely in China and proved to be a very observant imperialist. Her fictional account of her experiences, not surprisingly focused on the role played by Western businessmen, especially those engaged in importing and selling petroleum products. One thread that runs through her work is Chinese dependence on foreign sources of energy supplies, which remains the case today. This dependence on foreign-controlled sources means that Beijing's efforts to ensure the availability of energy resources adequate to fuel the nation's economic growth have important national security implications.

This book provides a comprehensive and unique perspective on China's oil and natural gas industry and a practical roadmap to reforms. The book begins with a thorough examination of the status quo of China's oil and natural gas industry. It explores the evolution, transition, and characteristics of the oil industry of China, and unveils the problems that caused ineffectiveness of the oil and petroleum products market, namely, the dominance of monopoly enterprises, price regulation, and restriction to entry. It provides an insightful analysis on the efficiency losses and welfare losses the monopoly system brings to the society as the current system distorts income distribution, violates the principle of fairness, and stands against the market rules and the legal pillars of the Chinese constitution. This book argues that the monopoly system in the oil industry of China results in a variety of toxic influences and that reforms are needed. It then offers a roadmap to reforms in the oil and petroleum products market in an incremental fashion. The findings and proposals of the Chinese version of this book have proved to be successful, as they led to immediate shifts in the policies of the Chinese authorities. This book provides valuable insights into the urgency involved in carrying out reforms in the oil and petroleum products market in China, with concrete and up-to-date statistics, comprehensive and detailed analyses, and authoritative and authentic sources. Contents:Economic Nature and Significance of Oil and Gas IndustryFormation, Status Quo and Nature of Petroleum Industry System in ChinaPerformance of Oil Monopoly SystemBasic Concept of Reform in Petroleum Industry SystemSolutions for Reform on Opening the Market of Crude Oil and Petroleum ProductsIncentives for and Strategies of the Reform — Political Economy and Transitional Economy for the Oil System Reform Readership: Researchers, professionals, undergraduate and graduate students, and general readers interested in crude oil and petroleum products markets and reforms in China. Key Features:Comprehensive examination of the history, evolution, and status quo of the oil industry of China with up-to-date and authentic statisticsAn innovative theoretical analysis of administrative monopolyPragmatic and incremental roadmap for reforms based on close observation and exclusive understanding of the decision-making group of ChinaKeywords:China;Oil and Petroleum Products;Market;Monopoly;Reform;Economy