I'm guessing China? China has shown the world that it can tolerate the shock, and it was even a huge boon for them as they are successfully exporting excess EV production. World demand is significant, China alone was expected to increase world oil demand to a breaking point, and that isn't happening, and in fact, China is exporting oil demand destruction.
China has almost certainly been dramatically drawing down their oil reserves. They don’t publish trustworthy numbers on it like western countries do, but their import rates dropped too fast for any other explanation.
That’s not to say they haven’t done a phenomenal job with demand destruction it’s just their own domestic usage is still very high and they have to import unlike other heavy users.
> That’s not to say they haven’t done a phenomenal job with demand destruction it’s just their own domestic usage is still very high and they have to import unlike other heavy users.
They will, just not as much as everyone was predicting a two decades ago. The fact that China isn't really feeling any pressure at all here should be a wake up call (they depend on oil, just less and less as time goes on). It isn't just that though, they basically took Nepal off oil completely, a bit of a special case since they had to import via India, which was always really expensive (and Nepal has lots of hydro). And the rest of the third world which simply can't afford much oil anyways now has a convenient other option.
Likewise, I don't see why ICE lovers are up in arms about people buying EVs. Shouldn't that just mean more oil (and less pricing pressure) for them?
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manofmanysmiles · · focus · HN ↗
seanmcdirmid · · focus · HN ↗
kasey_junk · · focus · HN ↗
That’s not to say they haven’t done a phenomenal job with demand destruction it’s just their own domestic usage is still very high and they have to import unlike other heavy users.
seanmcdirmid · · focus · HN ↗
They will, just not as much as everyone was predicting a two decades ago. The fact that China isn't really feeling any pressure at all here should be a wake up call (they depend on oil, just less and less as time goes on). It isn't just that though, they basically took Nepal off oil completely, a bit of a special case since they had to import via India, which was always really expensive (and Nepal has lots of hydro). And the rest of the third world which simply can't afford much oil anyways now has a convenient other option.
Likewise, I don't see why ICE lovers are up in arms about people buying EVs. Shouldn't that just mean more oil (and less pricing pressure) for them?