This is definitely worth a read... the world as we know it is rapidly changing. Sub-$50 crude oil is certainly a thing of the past, and $100 crude oil can't be too far off.
The link below states that China is now consuming about 7 mln barrels of oil per day. If memory serves me right, the Chinese were consuming less than 500,000 barrels per day as recently as the 1970's. (click here to read about the OPECers and the Chinese).