China not to blame for increased oil prices

Michael Masters of Masters Capital Management LLC says that China is not responsible for increased oil prices since, over the past five years, the increase in demand by market speculators is nearly equal to the increase in Chinese demand.(0:32)
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Comments

[winstongator]

The guy's numbers are wrong. From the DOE, http://www.eia.doe.gov/emeu/cabs/China/pdf.pdf from 2003-2006 China's oil consumption went from ~5.5MB/d to 7.5MB/d, and I dont' think they're using less in 2008 than they were in 2006.

[wldctrader]

During 2003-2006, China used an extra 2 mb/d. Now lets assume the consumption rate is higher now in 2008, lets say 3 mb/day, that means China oil consumption is now 10.5 mb/d. How do you explain that oil has risen 40% ytd in 2008 alone?