Yes we have no oil

[Wysiwyg]

The point is - reserves aren't fixed - they change due to so many factors. Back in 83 when the Chinese were still on bicycles and before Americans were driving SUVs - there was 60 years of oil left. 25 years later, there is still 60.1 years left despite consumption of 1 million bbl/day.

When the Americans stop racing the Daytona 500 in their 4000 cu.in. Chevrolets then things will be looking grim.

The Chinese surge has made cars affordable to the masses which means more oil demand. If oil has peaked then what is this huge contradiction of creating more oil consuming mechanical items? Crazy.

China: Talk about hot. GM, the No. 3 seller in China, predicts 11.5 million to 12 million industry car/truck sales in China this year, up from 9.1 million last year. Volkswagen is the No. 1 China seller this year followed by the Hyundai Group.

Non-Chinese companies have two-thirds of the market, but they are all required to partner with a Chinese company. Ford came in late but just announced a third plant, ready in 2012, to raise its capacity to 600,000 cars a year.

China economy watchers have in recent weeks been puzzled by two seemingly irreconcilable pieces of statistics. Sales of motor vehicles are soaring: some 7.2 million passenger cars were sold during the nine months from January to September 2009, up 42% over the same period in 2008.

Monthly sales figures are even more spectacular: year-on-year sales growth in September was an astonishing 83%.

SHANGHAI — China’s passenger-car sales rose 76% last month as economic growth and government stimulus measures spurred demand in the world’s largest vehicle market so far this year, the China Association of Automobile Manufacturers said yesterday .

Sales of cars, sport-utility vehicles and multipurpose vehicles climbed to 946400 units last month. Sales in the first 10 months rose 45,2% from a year earlier to 8,19-million .