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...natural gas around the world reflect just how strong China's thirst for fossil fuels has become. Motorists bemoaning high prices at the pumps?oil rose to a record $55 a barrel on Oct. 15, up 65% this year?can with some justification point an accusatory finger toward the mainland. Its booming economy and burgeoning appetite for cars and other modern conveniences have caused energy demand to soar. China's oil imports doubled over the past five years and surged nearly 40% in the first half of 2004 alone. These increases vaulted the mainland ahead of Japan and into second...

Author: /time Magazine | Title: China's Quest for Oil | 10/18/2004 | See Source »

...factors that have caused the oil-price spike appear to be fleeting, there may be no respite from Chinese demand for the foreseeable future. The country's industrial base is gobbling up vast amounts of petrochemicals to make everything from fertilizer to Barbie dolls. The number of cars on mainland roads?about 20 million?is expected to increase by 2.5 million this year alone. Even if China's blazing GDP growth of 9.4% this year moderates to 8% in 2005, as the Chinese Academy of Social Sciences predicts, the country is now a permanent major player in the global competition...

Author: /time Magazine | Title: China's Quest for Oil | 10/18/2004 | See Source »

...That doesn't mean China's robust economic engine is destined to grind to a halt. The country already suffers frequent power outages, but they occur because of insufficient electrical-generation capacity, not a lack of fuel. The mainland meets more than two-thirds of its energy needs with coal and boasts the world's largest coal reserves. But to keep the increasingly oil-dependent economy racing ahead?and to ease some of the pollution that comes from burning coal for power?China's leaders are forced to seek ever-greater supplies of petroleum from overseas. More than half...

Author: /time Magazine | Title: China's Quest for Oil | 10/18/2004 | See Source »

...first signs of trouble for Labor came early. Before polling on the mainland closed, counting in Tasmanian seats was already underway - and it pointed to an immediate swing against the Opposition in two of Labor's key seats. By the end of the night - with a record 750,000 postal and absentee votes still to be fully counted - it appeared the Coalition would have 84 of the 150 seats in the House of Representatives, to Labor's 56, and possible control of the Senate. The collapse was rapid. At 7:45 p.m. - even before Mark Latham's election-night function...

Author: /time Magazine | Title: A Matter of Trust | 10/14/2004 | See Source »

...time some 200 of them are allowed inside, the writing's on the wall. It's like a rugby match where fans show up thinking their team is a chance, only to see them concede three tries in the first five minutes. Within minutes of polls closing on the mainland, it's clear Labor, which needs an extra 13 seats, has lost two - Bass and Braddon - in Tasmania. By 6:45, the count is showing a swing to the Coalition. Before partygoers sample their first spring roll, the grim faces of Labor heavies on the big screen herald a night...

Author: /time Magazine | Title: Saddest Show in Town | 10/14/2004 | See Source »

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