Abandon Fossil Fuels, Empower China - Highlighted Article

From: Watts Up With That

By: Don Ritter

Date: August 1, 2023

Abandon Fossil Fuels, Empower China

Autocratic Producers (primarily Saudi Arabia, the Emirates, Russia, Iran, Qatar, Venezuela and China) and certain democratic (or semi-democratic) Consumers (fossil fuel-dependent nations, mostly in the Global South), are uniting over oil, gas, coal, petrochemicals, natural gas-derived fertilizers and wind-solar-battery raw materials that are essential for building and maintaining modern industrial nations.

The implications are enormous, for global commerce, and especially for America.

China straddles both worlds. It’s the world’s largest coal producer and consumer – and the second-largest fossil fuels consumer after the USA.Although the United States remains the planet’s largest oil and gas producer, government policies are restricting investment in future domestic production, forcing U.S. companies to scour the world to increase production.

The autocratic Producers clearly benefit from America’s declining production, because major Consumers (India, Brazil, Indonesia, South Africa and others) that buy oil, gas and petrochemicals must feed their people, fuel their vehicles, and sustain or grow their economies at reasonable cost.

Giant energy Producer Russia continues to sustain its economy and finance its war in Ukraine, as it waits for Western electorates to lose patience and reduce military aid. Moscow counts on continued fossil fuel sales to Consumercountries, particularly China.

China is importing record amounts of oil and gas from Russia, making it the largest financier of Russia’s Ukraine war. China’s dual-use technologies also enter indirectly into the Russian war machine. Courtesy of Saudi Arabia’s Aramco, China is building new refineries and becoming a major petrochemicals producer – even as Biden energy policies curtail U.S. refinery and petrochemical investments.

Petrochemicals fuel or provide building blocks for just about everything. They therefore add tremendous value to the crude oil China imports from Russia.

Meanwhile, America and the West pursue sweeping policies on “manmade climate change.” That means they deride and downgrade the value of fossil fuels that are the lifeblood of all industrialized nations: Producers, Consumers and those fortunate or wise enough to play both roles. (continue reading)

Abandon Fossil Fuels, Empower China