But this stuff won't last forever. If the Hormuz blockage doesn't resolve, things will get bad. You're seeing a patient that's a little more resilient than we thought, but who is mostly being carried through by massive blood transfusions. This buys time, but does not heal the patient.
And even more importantly, China has slashed its crude imports, turning instead to massive stockpiles. (https://www.cnn.com/2026/06/09/business/oil-strait-of-hormuz...)
Sounds like they're burning through their reserves as well. But since China's economy is more centrally controlled, it's likely they keep bigger reserves.
Of course there's plastics & other uses. But China has gone big on renewables & battery tech as you know. It definitely helps.
Yes, and that's why I read TFA. And it was interesting. My point still stands, however, that every previous doom prediction has been wrong.