As the Chinese economy develops and becomes more industrialized, there is a growing demand for energy for use in production. The Chinese manufacturing boom has long meant that we can enjoy lower prices on consumer goods ranging from clothes to electronics. But China\'s success as a manufacturing giant is also beginning to have an impact on other parts of the global economy, creating a feverish demand for basic commodities like oil that is sending prices skyward, as western economists beleive. However others disagree and say that this sudden increase was caused by instability in the oil market and panic buying.
Many have agreed that China\'s rapid growth comes with a thirst for oil that is helping push up gas prices in the rest of the world. \"China is booming and they can\'t keep up with demand over there, so our prices double here. That hurts.\" As much as a third of new demand for crude oil on international markets this year can be attributed to China, according to the......
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