China's 2010 Energy Consumption Outpaces U.S. Levels
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Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.8%
Revenue Growth %: +32.5%
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BP plc (NYSE: BP) issued a release Wednesday which may bring either a little relief or a little fear to the hearts of many Americans.
According to BP, China surpassed the U.S. in 2010 as the world's largest energy consumer with the rebound of its economy driving demand for fuel higher and higher. China's energy consumption grew by 11.2 percent last year, slinging it ahead of the U.S., now accounting for 20.3 percent.
Numbers come from the 60th annual BP Statistical Review of World Energy.
"I was in China a couple of weeks ago and I came away with a very clear sense of how rigorously China is thinking about these issues," CEO Bob Dudley commented. "Growth is by no means the only game in town. They want to maintain social cohesion and they want to make their growth more sustainable. In sum, they are worried about energy security and climate change – just as we are."
Energy demand in Organization for Economic Cooperation and Development countries grew by 3.5 percent over last year, the strongest since 1984, though BP notes the level is roughly in-line with that seen 10 years ago.
Although oil remained the leading global energy source, the commodity lost market share for the eleventh straight year, now accounting for 33.6 percent of the total energy market. Worldwide consumption grew by 2.7 million barrels per day, or 3.1 percent, the strongest growth since 2004.
According to BP, China surpassed the U.S. in 2010 as the world's largest energy consumer with the rebound of its economy driving demand for fuel higher and higher. China's energy consumption grew by 11.2 percent last year, slinging it ahead of the U.S., now accounting for 20.3 percent.
Numbers come from the 60th annual BP Statistical Review of World Energy.
"I was in China a couple of weeks ago and I came away with a very clear sense of how rigorously China is thinking about these issues," CEO Bob Dudley commented. "Growth is by no means the only game in town. They want to maintain social cohesion and they want to make their growth more sustainable. In sum, they are worried about energy security and climate change – just as we are."
Energy demand in Organization for Economic Cooperation and Development countries grew by 3.5 percent over last year, the strongest since 1984, though BP notes the level is roughly in-line with that seen 10 years ago.
Although oil remained the leading global energy source, the commodity lost market share for the eleventh straight year, now accounting for 33.6 percent of the total energy market. Worldwide consumption grew by 2.7 million barrels per day, or 3.1 percent, the strongest growth since 2004.
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