RACE is on. If the US doesn't get moving CHina will hoard every CF of LNG. C'mon Obama!!!!!
China is the world's second largest oil consumer behind the United States, and the largest global energy consumer, according to the International Energy Agency (IEA). The country was a net oil exporter until the early 1990s and became the world's second largest net importer of oil in 2009. China's oil consumption growth accounted for half of the world's oil consumption growth in 2011. Natural gas usage in China has also increased rapidly in recent years, and China has looked to raise natural gas imports via pipeline and liquefied natural gas (LNG). China is also the world's largest top coal producer and consumer and accounted for about half of the global coal consumption, an important factor in world energy-related CO2 emissions.
China's increasing dependence on oil imports, the need to secure and diversify energy supply, the need to develop technical expertise in unconventional resources, and attempts to capture value upstream are factors driving Chinese NOCs to invest in international projects and form strategic commercial partnerships with IOCs. China is taking advantage of the economic downturn to step up its global acquisitions and use its vast foreign exchange reserves (estimated at over $3 trillion in 2012) to help purchase equity in projects or acquire stakes in energy companies. Since 2009, the NOCs have purchased assets in the Middle East, North America, Latin America, Africa, and Asia. The NOCs invested $18 billion in overseas oil and gas assets in 2011. The NOCs increased their natural gas purchases abroad and invested $12 billion in 2011, out of a total $18 billion of oil and gas purchases, to gain more access to LNG and unconventional gas.