The latest Middle East tensions sheds light on how the world's three largest oil consumers have taken different approaches to energy, with global consequences.

cross-posted from : https://lemmy.zip/post/60431885

As oil prices climbed past $100 a barrel for the first time in four years, OCBC analysts said China may be “less sensitive to a prolonged closure of the Strait of Hormuz than many of its Asian peers.”

“China has accumulated one of the world’s largest strategic and commercial crude reserves,” the analysts said, adding that its “rapid transition toward electric vehicles and renewable energy provides an additional structural hedge.”

  • BrikoX@lemmy.zipMEnglish
    7·
    21 hours ago

    Because it’s not run by morons. They know their weaknesses and work to protect against them.

    US on the other hand started illegal war in Iran and forgot to fill up their own strategic oil reserves…

    • Seaguy05@lemmy.worldEnglish
      2·
      21 hours ago

      I’d argue it is worse than that… The us is by far the largest oil producer in the world. Something like 20 million barrels of crude a day. For comparison Russia and Saudi Arabia produce about 10 million. Instead of pushing for green tech like China, so we’re not financially dependent on the world’s continued use of oil, we’ve doubled down. Starting the up teth war just for oil. This is what we’re spending $890 million a day to fight for… American oil companies and their shareholders. The GOP and the dnc have decided that American lives are worth sacrificing again for oil.

      Not to mention whatever Israel has on Trump that’s significant enough to goat him into throwing the first missile.

      Edit: added last bit