This might be a bit my fault. I heard that China was the largest fossil fuel producer in the world, so I coordinated 555 etsy witches cast cleansing spells on China’s environment at the start of the year. The knock on effects of the collapse of the petrodollar wasn’t expected, but magick often manifests in surprising ways.
I genuinely don’t understand how they’ve done this. Do they have an absolutely massive secret stash that they’ve stockpiled? Halving your entire country’s imports of 12 billion barrels per day is… A lot
imports of 12 billion barrels per day
millions?
Yes
they’ve had allegedly 1.2 billions in reserves.
They do, actually.
If Beijing was buying as much oil as it did in the past, prices would be much higher, global inflation would be rampant and central banks would be forced to hike interest rates quickly, panicking stock markets. Donald Trump would also be in a far weaker position in his talks with the Iranians. In short: China has essentially bailed out both the global economy and the political fortunes of the US president.
China saves global capitalism again. Just like when the housing bubble hit.
I read and i still don’t understand, why doesn’t china simply let america eat its own sword
The thing you need to get is high oil prices are actually good for the US. It is an oil producer. Its oil companies need atleast 60$ a barrel to break even. US oil is expensive. They also have a ton of debt. Higher prices allows them to pay down debt. Its better to keep prices elevated enough for political damage but low enough its not a financial windfall for US oil companies.
Yeah i don’t know what the fuck is letting them have gas prices go down 25% when we’re supposed to be running out of this shit
I guess i should read, ughh
