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The US and China Are Over a Barrel Among the many reasons given for the recent surge in gas prices is China's soaring demand for petroleum. Because the Chinese are running around the world buying up every available barrel of oil, the argument goes, we Americans have to pay that much more to outbid them for the leftover pools of crude. And the fact that the Chinese yuan has been growing stronger while the American dollar is shrinking in value has only exacerbated the problem.

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The US and China Are Over a Barrel

Among the many reasons given for the recent surge in gas prices is China's soaring demand for petroleum. Because the Chinese are running around the world buying up every available barrel of oil, the argument goes, we Americans have to pay that much more to outbid them for the leftover pools of crude. And the fact that the Chinese yuan has been growing stronger while the American dollar is shrinking in value has only exacerbated the problem.