If oil becomes as scarce and costly as many predict, it will be cheaper to make things closer to home than to ship them across oceans and continents.
If if if...
Oil is most likely due for a correction down from the $66+ range it's in today. I say that as an owner of Athabasca Tar Sands stock. ;^)
As oil pushes up, a geometrically growing range of substitutes presents itself, both for oil as fuel and oil as a source for 'chemicals'.
Note how with oil at $40+, the vast reserves of the Alberta tar sands become known exploitable resources - far more than the Saudis have. If $80+ became buildable into feasibility studies, even more substitutes for light crude become economic enterprises, including Wyoming's shale oil.
On the theme of the posted article, I'd say that one ought to concede that there is a Chinese Bubble, fueled by reckless and political lending practices. As to whether a Chinese Crash would crater World markets and the World economy, I'm sceptical. The Chinese stock market has already discounted a good deal of the sickness in the Commie economy.
OTOH, such a debacle could precipitate either a militarist 'auto-coup' in Red China, or an honest-to-God revolution.