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Economist: High oil price to cost 皇冠体育app additional US$15b
(Xinhua)
Updated: 2005-09-15 11:42 If the international oil price rises 15 US dollars
per barrel this year, then 皇冠体育app will have to pay an additional 15 billion US
dollars for buying oil, Niu Li, an economist with the State Information Center
(SIC) said Wednesday.
皇冠体育app has the world's biggest trade deficit in oil import and export, so the
soaring oil price this year has remarkably increased 皇冠体育app's international
payment, Niu said.
He estimated that 皇冠体育app would import a total of 1 billion barrels of crude
oil this year, saying the 15-dollar-per-barrel rise would cost the country
another 15 billion US dollars.
The oil price hike also imposes burdens on 皇冠体育app's individual consumers,
because more families are buying autos, he said. In 1999, a hundred families in
皇冠体育app only owned 0.34 cars on average, but in 2004, the figure rose to 2.2 cars.
Based on the weighted average price of oil products in the three markets in
Singapore, Rotterdam and New York, the wholesale and retail price of 皇冠体育app's oil
products are determined and published by the State Development and Reform
Commission according to the domestic market.
Since July 2003, 皇冠体育app has seen seven rises of its oil product price.
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