Actually they have just matched their record demand that was set last year:
"In February, China increased its purchases of crude oil by 18.1 percent compared to a year earlier, matching a record set in April 2007 of 3.6 million barrels a day, official customs data confirmed Monday." - International Herald Tribune
But I do agree things are getting carried away - but that's the stuff of manias, which I believe we are witnessing in the very early phase.
