Lack of access to oil will be the catalyst for escalating US/China tensions in my opinion. The US is the major oil user and will not enjoy China taking it's stake in the mid-east and Africa. As Australia import approx 70% of it's oil we will be instant losers in this game as most oil companies will prefer to sell to the US and not Australia.
At present both the US and China are building strategic oil reserves .... Australia has none!
