dogears said:
It doesn’t matter to the US. We have enough oil and NG to last us more than century even without counting improvements in recovery. We are an oil exporter. We’re going to be the largest net oil (liquids and gas equivalent) in the world.
It certainly doesn't matter as much to us as it did when we were importing oil and still filling a strategic reserve. I remember waiting in every other day gas lines back in the 70s (now that was a classic example of the benefit from letting markets decide prices).
I suspect the refineries on our gulf coast wouldn't mind getting some more heavy sour Venezuelan crude (again) that they were optimized to refine. It still matters to all the countries that must import energy (including China). It matters to Russia whose economy is based on energy exports.
The US military still in Iraq/Syria is to keep ISIS away from oil supplies that they can convert to money to fund more of their mischief.
Every other major world economy except France has a massive demographic challenge ahead.
except france? I thought they were in the same trend as most western nations. Even Japan is trying to encourage immigration to deal with an aging population and weak replacement birth rate (I think Japan tried robots, but robots don't pay taxes or have children). Angela Merkel opened the gates to like a million migrants to keep her factories humming with enough workers, but there were cultural issues with absorbing them into german life. All of europe has issues with absorbing migrants (france included AFAIK), while acknowledging the benefit of increased population of young adults with higher birth rate.
We don’t. Russia, too. They’re having state sponsored hookup camps. China is the worst of all in that regard, and their economy is anything but stable.
If I had to bet between China becoming an economic superpower and China destabilizing, I would pick the latter with no hesitation.
or some mix of both... as the chinese population become wealthier and better educated it will be harder to keep them in the dark. Hong Kong is just the tip of the iceberg and the mainland chinese population will eventually figure it out. Unfortunately for HK China can't afford to give them full liberty, even though contractually obligated to by treaty. Won't be the first or last promise they break.
Again... you’re looking at this with a very old lens. The world of energy went upside down from 2012 to 2019. People are just now catching up.
I have been wearing reading glasses for decades so indeed very old lens.
Keeping the price of energy low serves to damp Russian adventurism... They are no longer bank rolling Cuba, who had to turn to Venezuela for support, and Venezuela is now struggling with doing that under US sanctions. Cuba is still supporting Maduro with secret police and tools of oppression, something they have a lot of experience with. Venezuela is still sending oil to Cuba while Venezuelans starve.
I am pleased with the recent shift in US policy away from aggressive military involvement but to preserve our ability to influence world matters for good outcomes we need to wield economic force and low cost energy seems part of that tool kit.
I am not so optimistic that I believe the world's problem areas would turn into a tea party without security and rule of law imposed from outside. That said we cannot be the only cop on the beat.
JR