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There should be a separate law devoted to the protection and
development of oil resources in order to safeguard energy resources
and economic security, suggested NPC deputies at the ongoing
session of the National People's Congress (NPC) Thursday.
Set uneasy by big fluctuations of oil prices on the world market
and the alarming growth of oil demand at home, the lawmakers
complained about failure to stress the strategic importance of oil
resources as all oil-related stipulations are scattered in
different laws and regulations and there is not an independent law
devoted specially to oil resources.
China's domestic crude oil consumption totaled 252.31 million
tons in 2003, a 10.15 percent year-on-year growth. Crude oil
imports reached 91.1263 million tons, up 31.29 percent from 2002.
It is predicted that China's oil demand may surge to 300 million
tons by 2010, half of which has to be met by imports.
The oil supply is already strained, said Director Wu Kunhua of
the Wuhan Petrochemical Plant under the banner of Sinopec. Then
there is disorderly oil extraction in some places and oil stealing
is also serious. China is in urgent need of an independent law on
the protection and development of both onshore and offshore oil
resources.
"Oil industry is China's economic lifeline on which the
sustainable development strategy hinges. That, too, calls for the
enactment of a law," said deputy Zhang Zhixin during an interview
with Xinhua, adding that the proposal has won extensive support
from his fellow deputies.
The lawmakers have also deemed the establishment of strategic
oil reserves as something that "brooks no delay".
Due to lack of strategic oil reserves, the price of oil in China
lacks elasticity, according to experts. It is estimated that for
every one dollar rise in the international oil price, China has to
spend 5 dollars more on very barrel of oil imported.
The lawmakers also suggested to codify the "oil conservation"
slogan so as to punish those who squander oil.
The lawmakers warned against excessive consumption of oil in
developing the economy. "Otherwise, the whole world would point
their fingers at us," he said.
All the lawmakers expressed their approval when Premier Wen
Jiabao said in his government work report to the ongoing NPC
session that the "conservation of oil and other major resources" is
"something that is urgently needed in resolving the supply and
demand conflicts" and is "a long-term strategy to ease the pressure
on resources and the environment."
(Xinhua News Agency March 12, 2004)
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