“China Is Now the World’s Great Oil Power,” The Economist declared on August 9.
So, what is the significance of this pronouncement? The world’s oil power is also the world’s energy power. The world’s energy power, in turn, is a leading contender for the world’s dominant power. “Energy is the foundational brick of the global economy,” Jonathan Bass, the CEO of Argent LNG, told Gatestone.
China, the world’s largest importer of crude oil, exerts great leverage over markets, but The Economist is nonetheless wrong.
