If the price of oil wasn’t high enough already, the Beijing Olympics could push prices even higher according to analysts.

“In the lead-up to the Games you are going to see pretty heavy spending in infrastructure — building roads, residential property, hotels — and this is typically energy intensive,” said BNP Paribas analyst Harry Tchilinguirian.

China’s economy is growing at break neck speed with the Beijing Olympics pushing the economy along further. Chinese citizens are starting to take cars and electronic products for granted as they become more affordable to average citizens.

Air travel will also experience higher demand by transporting spectators and athletes to Beijing.

“They are going to make every effort to make sure that the refineries are operating to the full extent and that there are no blockages to imports,” Philip Andrews-Speed, professor of energy policy at Dundee University said.

“They will use any reasonable tax incentives like removing taxes in oil imports to make sure there is enough oil in the country during the coming months.”

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