Perhaps renewables will have a cost curve and pollution curve that makes extraction/usage of this carbon based energy source highly non-economic. Have we just invested in the buggy whip industry, one that also comes with extraordinary political costs?
Tim remember though, it's 20% only. And even that is from oil that is not currently being refined. My guess would therefore be that China would lose nothing of its current supply.
The Obsolescing Bargain theory describes how bargaining power shifts from a foreign company to a host country government after a major investment is made. Once $billions of capital are invested in a host country, a “hostage” effect may come into play if contractual terms are considered fundamentally unfair. It is highly unlikely that today’s imposed contractural terms on Venezuela will stand the test of time.
Omits the small detail that China, which gives not a hoot about emissions, will lose a source of super cheap oil.
Perhaps renewables will have a cost curve and pollution curve that makes extraction/usage of this carbon based energy source highly non-economic. Have we just invested in the buggy whip industry, one that also comes with extraordinary political costs?
Tim remember though, it's 20% only. And even that is from oil that is not currently being refined. My guess would therefore be that China would lose nothing of its current supply.
The Obsolescing Bargain theory describes how bargaining power shifts from a foreign company to a host country government after a major investment is made. Once $billions of capital are invested in a host country, a “hostage” effect may come into play if contractual terms are considered fundamentally unfair. It is highly unlikely that today’s imposed contractural terms on Venezuela will stand the test of time.