Voice from the Commonwealth Commentary, World Views and Occasional Rants from a small 'l' libertarian in Massachussetts
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India formally recognized Tibet as part of China, and China will start border trade through the disputed region of Sikkim, accepting India's claim over the Himalayan area, the British Broadcasting Corp. reported.
Turnsout it was all about oil.
China is targeting the Tibet Autonomous Region for oil and gas production. It has found oil reserves in Tibet that may total 28 billion barrels, China Oil News reported this week, citing the state-run Land and Resources Daily.
Which would go a ways towards offsetting the amounts they now import while maintaining only a reserve that would last two weeks should a crisis arise.
Last year, it imported 70 million tons, or 33 percent of its total need of 212 million tons. According to expert projections, in five to seven years, its total demand will exceed 340 million tons.
An authoritative industry journal called Oil and Gas estimates that by 2015 China's dependence on imports will hover above 50 percent. U.S. Energy Department figures say it could go as high as 75 percent within two decades.
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