Oil is $2.49 a gallon in China!

Oil domestication in China is about 4 millions barrels per day and rising at a 7% annual rate (the highest growth rate in the world). Controlling oil prices in China is a disaster. China's inflation rate is over 8%, which is worrisome. As a result Beijing is holding down prices --includes oil -- in a price control scheme thus further implanting this worry.

http://www.politicsandcurrentaffairs.co.uk/Forum/peak-oil-economics-environment/49277-why-china-gas-2-a.html