I have been thinking about the Chinese demand lately. It is my understanding that the government is subsidizing gasoline. It gives the appearance of progress for the people. I do wonder when the olympics are over and there is less attention on China as whole if this policy will continue. There probably is a segment of the Chinese population who would have to abandon there cars.
Don’t forget the earthquakes, though. China is likely to have an ongoing need for fuel brcause there whole towns/cities to rebuild.