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Morning briefing: China becomes world's No. 1 energy consumer, U.S. stock-index futures climb

By Ariana Eunjung Cha

*China has surpassed the United States to become the world's biggest energy consumer, according to new data from the International Energy Agency. China used 2,252 million tons of oil equivalent last year, or about 4 percent more than the 2,170 million tons of oil equivalent the U.S. consumed. The U.S. had held the top spot for more than a century. The oil-equivalent encompasses all forms of energy, including crude oil, nuclear, coal, natural gas and hydroelectric power. The U.S. remains the top user of energy per capita.

*The yuan was weaker as the People's Bank of China reset the daily reference rate at 6.7800 per dollar. Premier Wen Jiabao said the government will continue policies to ensure favorable conditions for its businesses as the global economy recovers at a "very slow" pace. China signed agreements with Hong Kong to ease restrictions on yuan transfers between banks and companies in the city as it encourages the use of its currency over the dollar and euro for settlements between its exporters and importers in other countries.

*Hungary's budget deficit might be near 3.8 percent of GDP next year if the country is unable to reach a new agreement with the International Monetary Fund, the country's economy minister, Gyorgy Matolcsy, said at a conference in Vienna. If the government is able to get a new agreement, it would be closer to 2.8 percent.

*Ireland's credit rating was cut one level by Moody's Investors Service, which cited the high cost of bank bailouts and said the country had experienced a "significant loss of financial strength."

*Nokia announced it will acquire most of Motorola's wireless network operations for $1.2 billion. The company said the deal would significantly strengthen its presence around the world, especially in Japan and the United States.

*U.S. stock-index futures climbed, setting the stage for a possible rebound Monday that may help the U.S. markets recover from the worst sell-off this month on Friday. IBM rose in Germany as the computer services company prepares to report earnings this morning, Google climbed 1.2 percent on optimism over a recent slew of mobile-display advertising acquisitions and Boeing edged up 1.4 percent after a $9.1 billion order from the Emirates.

By Ariana Eunjung Cha  |  July 19, 2010; 8:25 AM ET
 
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Comments

From a billion chinese riding bikes and scooters, now driving cadillacs and hummers, this planet is done. Oh yeah, also a billion people from india on the same track.

Posted by: Anonymous | July 19, 2010 9:38 AM | Report abuse

USA is still the No 1 energy consumer. China has four times the population of USA. So it is logical for China to consume more total energy. But the energy usage per capita of China is many times less than USA. So USA is still the No 1 energy consumer.

Posted by: Anonymous | July 19, 2010 9:43 AM | Report abuse

Thankfully, the US no longer holds this position. Now we can jump all over the chinks.

Posted by: adrienne_najjar | July 19, 2010 10:08 AM | Report abuse

Thankfully, the US no longer holds this position. Now we can jump all over the chinks.

Posted by: adrienne_najjar
--------------
Actually as previous users stated the United States is still the number one users per capita which provides a better picture of what country is wasting energy than a total number.

Posted by: 6thsense79 | July 19, 2010 11:51 AM | Report abuse

Nine countries use more energy per-capita than the US, according to this: http://en.wikipedia.org/wiki/List_of_countries_by_energy_consumption_per_capita

Posted by: pmancoll | July 19, 2010 11:57 AM | Report abuse

It is incredible how much energy we use per capita. We need to cut back not only for environmental reasons, but also for our national security. Both liberals and conservatives should be working toward energy independence - in government and individually.

The pop. numbers: China at 1,330,141,295 vs. the U.S. at 310,232,863

Posted by: Anonymous | July 19, 2010 12:03 PM | Report abuse

Once again the slanted American media use one report to slam their agenda down our throats. And they can't even get the facts right. Canada has always had a higher per capita energy use than the US. Why are the media types so skewed? If you use another method of measuring, energy use per GDP, America would be way in the lead of using Energy efficiently (but not as much as Germany I concede). Be careful, the liberal elite would rather have us become a carbon free 3rd world country dependent on other's permission than one that has the ability and resources to set its own course.

Posted by: MSinTexas | July 19, 2010 12:09 PM | Report abuse

Well,this article needs a correction as the is not and was not the top energy user per capita. Should have been very easy for this reporter to verify that.

Posted by: geotherm21 | July 19, 2010 1:35 PM | Report abuse

Well,this article needs a correction as the United States is not and was not the top energy user per capita. Should have been very easy for this reporter to verify that.

Posted by: geotherm21 | July 19, 2010 1:36 PM | Report abuse

The Fair value for the Yuan is ¥4~/$1 not ¥6.78/$1.

Americans have Subsidized and Sacrificed enough Jobs to help China Job growth. Now it's time to encourage China to play fair and do more than just Talk about China's Currency Manipulation that is costing the USA millions of Jobs. Not the Walmart and dollar store product Jobs, but the big industrial multi-million dollar steel, carbon fiber and technology products. Actions speak louder than words.

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/11/AR2010051104950.html
“Last year (2009), China surpassed the United States as the world's largest automaker. The country is aggressively making jets to compete with Boeing and Airbus. And in recent years, with little outside notice, China made another great leap forward in transportation: It now leads the world in high-speed rail.”

World Nuclear Association: 23 Nuclear Reactors under construction In China:
http://www.world-nuclear.org/info/inf63.html
* Mainland China has 11 nuclear power reactors in commercial operation, 23 under construction, and more about to start construction soon.
* China is rapidly becoming self-sufficient in reactor design and construction, as well as other aspects of the fuel cycle.”

The USA must Immediately enact a gradual tariff on all goods imported from China up to 40% within 12 months in response to their currency manipulation that keeps the Yuan/Renminbi 40% below value. Ratify the free trade agreement with South Korea which will allow fairer trade than what we have with China.

S. 1254: Currency Exchange Rate Oversight Reform Act of 2009: A bill to identify foreign currency manipulation and apply tariffs to their imported good as is fair to the US consumer:

http://www.govtrack.us/congress/bill.xpd?bill=s111-1254

http://www.opencongress.org/bill/111-s1254/show

Posted by: Airborne82 | July 19, 2010 3:40 PM | Report abuse

The chinks have gone ahead? dayummm, guess I will have to turn on more lights in the house...

Posted by: Anonymous | July 19, 2010 5:14 PM | Report abuse

Once again the slanted American media use one report to slam their agenda down our throats. And they can't even get the facts right. Canada has always had a higher per capita energy use than the US. Why are the media types so skewed? If you use another method of measuring, energy use per GDP, America would be way in the lead of using Energy efficiently (but not as much as Germany I concede). Be careful, the liberal elite would rather have us become a carbon free 3rd world country dependent on other's permission than one that has the ability and resources to set its own course.
Posted by: MSinTexas
--------------------

The trouble is that all countries share the same planet, and most important, the same atmosphere.

"The right to swing my fist ends where the other man's nose begins." - Oliver Wendell Holmes

Posted by: rohit57 | July 19, 2010 5:34 PM | Report abuse

i read some racial terms here by stupid guys. If you have brain, just think that is it reasonable for a country of 300 million to consume more energy than a country of 1.3 billion? Even China and the US are on a par in energy use, it still means that an average Chinese uses less than a quarter what a wasteful American is using. Please don't be too selfish, if you always like to claim a leader of human rights...

Posted by: Anonymous | July 19, 2010 6:26 PM | Report abuse

The key to this misleading declaration is "oil equivalent". China has huge hydro-electric schemes and the greatest renewable energy arrangements. America still uses vastly larger amounts of oil than China and that is the reason America needs to be more afraid of peak oil supply..

Posted by: icurhuman2 | July 19, 2010 8:01 PM | Report abuse

No, no, no, that wrecks the story. How can we feel guilty about all that oil if we're not number one anymore? Damn!

Posted by: 54465446 | July 19, 2010 10:33 PM | Report abuse

The comments to this entry are closed.

 
 
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