Here is update on how China is applying Stimulus – only they are serious about their Energy problems! China is putting some additional funding on-top of the current ( November approved $US 585 Billion ~75% of what total US Stimulus $US 787 Billion) towards their oil industry. Using the financial crisis as little cover it is fast forwarding the government owned sector of Oil & Energy sectors that already receive an annual bailout of several $billion for last 4 years to cap Diesel & Gasoline prices below $0.90/gallon despite crude prices in the $60-140/Bbl levels using a “one time only” subsidy that is wearing thin after nearly 5 years in row counting 2008.
China unlike the US in not going focus on expensive unreliable inefficient (stupid) Wind, Solar, Electric and other “Green” power but solid sustainable dependable Oil/Petrochemical industry, increasing SPR Reserves & more Nuclear plants!
So guess US will be buying all shortfall gasoline production it is creating now – with all cancled US Refinery & Coker expansion canceled or delayed projects as result of recent Obama executive orders : canceled US offshore drilling, higher ETOH blending, individual States Emissions (& you thought 14 separate Gasoline specs were lot! Ha) and the potential Carbon Tax & joining Kyoto to come later, plus the Democratic Stimulus with its Anti-Oil pro Green focus – no support Oil, Nuclear or Clean Coal but lots Wind & Solar.
Tell me again how that creates jobs in US ….. especially since most Wind & Solar parts are made in China??