, Columnist
China and the U.S. Can’t Break Their Oil Market Codependency
In this dangerous game, any move that tips the balance could kick off a conflict. That won’t change until Beijing is able to harness new zero-carbon technologies to replace crude in both civilian and military uses.
Risky business.
Photographer: Gabriela MajThis article is for subscribers only.
You might think, from the way China and the U.S. are working together to release crude from their strategic petroleum reserves and take some of the heat out of the oil market, that the world’s two biggest energy consumers had found one issue they can cooperate on.
“Taking measures to address global energy supplies” — in retrospect, clearly a reference to the reserve releases that followed — was one of few solid points of agreement in last week’s virtual summit between presidents Joe Biden and Xi Jinping.