> "Chinese entities have snapped up 82m barrels in the past three months to build this inventory, equivalent to the demand of 900,000 barrels a day."
China's gearing up for near-term war; Xi is stockpiling vast amounts of multiple commodities, besides just oil[0]. The country's rapid shift to BEV's dovetails with that, what with crude oil imports being China's largest, and easiest to blockade, external dependency.
[0] https://www.economist.com/finance-and-economics/2024/07/23/w... ("Why is Xi Jinping building secret commodity stockpiles? | Vast new holdings of grain, natural gas and oil suggest trouble ahead")
Margaret Thatcher's tory government stockpiled the biggest reserves of coal in recent British history before taking on the miners strike. It probably significantly undermined the strike effect on British industry and electricity supply.
Renewable energy is cheaper and the proof is Texas --- a state literally overflowing with fossil fuel.
https://www.yahoo.com/news/analysis-trump-calls-wind-solar-1...
https://businessintexas.com/blog/texas-leads-us-renewable-en...
thowaway7564902•6mo ago
From an environmental standpoint, we are fortunate that China is not an oil rich country, and therefore well incentivized to drive global EV adoption.