The US and EU remain heavily reliant on petrol and other liquid fuels, which account for roughly 40% and 44%, respectively, of their primary energy consumption. But China has managed to reduce this figure to just 28%.
Goldman Sachs pointed to three specific “shields” protecting China from the global oil shock.
First is renewable energy dominance. Alternative and renewable energy sources, including nuclear, wind, solar, and hydro, now account for 40% of China’s electricity generation, up from 26% a decade ago.
Second is massive strategic reserves. China has spent years quietly building a “Great Wall of Oil,”
And lastly, China sports diversified supply chains.
While the world frets over the Strait of Hormuz — the shipping route accounts for 20% of global oil flows — China has maintained robust supply lines with non-Middle Eastern nations like Russia, Australia, and Malaysia.
Due to the oil price shock, Goldman’s economists have trimmed their US real GDP growth forecast by 0.4%. In contrast, China’s forecast was trimmed by only 0.2% — the lowest revision in the Asia-Pacific region.
Sounds like Goldman Sachs shouldn’t have been so heavily financially invested in maintaining the oil and gas status quo.
These wealthy pieces of shit have been funding propaganda campaigns to trick the commonfolk and maintain the West’s reliance on fossil fuels instead of allowing renewable to expand and grow naturally. All for profit and power. Them funding and supporting Trump, knowing he would approve “drill, baby, drill” policies has led to this outcome.
This is entirely their fault and they should be hunted like the traitors they are.
China produces all those renewables as well which is renewables own Achilles heel. Environmentalists dont want to refine material in their country, but China has lax environmental regulation.
China has spent years quietly building a “Great Wall of Oil,”
Would be wild if they were storing it all IN the great wall
Well, that, and, you know… exerting serious and concerted effort to shift away from fossil fuels in applications that have viable non-petroleum alternatives