Chinese Auto Sales Jump 56%

China Daily: China’s auto sales continued their strong growth in March, fueled by government incentives designed to boost domestic consumption. Auto sales in China climbed 55.79 percent from a year earlier to about 1.74 million units in March, the China Association of Automobile Manufacturers (CAAM) said Friday. The March sales figure means first quarter sales reached 4.61 million units, up 71.78 percent year-on-year, according to the CAAM. The takeaway from this news is that all those brand new cars require gasoline. Oil demand is being driven by the developing world not the developed world. Most investors and traders are ignoring …