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To: Owen

Oil is not everything. Otherwise Venezuela and Saudi Arabia would be world leaders.

Russia is purely an extraction state


7 posted on 03/18/2023 11:11:42 PM PDT by Cronos
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To: Cronos
Russia is purely an extraction state

And right now, China has them "over a barrel", litterally. Assuming the buyer is the "junior partner" is a fundamental misunderstanding of capitalism.

12 posted on 03/18/2023 11:39:42 PM PDT by ETCM (“There is no security, no safety, in the appeasement of evil.” — Ronald Reagan)
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To: Cronos

Venezuela doesn’t produce. Yet. PetroChina and Rosneft are incrementally addressing that.

KSA has 40 million people and only 60% are citizens. They ship in Bangladeshis and Pakistanis to work the oil fields and provide the native population with lives of leisure. They extract 11 million bpd and consume . . . an amazing amount for just 40 million. They are on the verge of surpassing Japan.

And since oil is everything, there’s not much doubt they have lives of considerably more luxury than Japan with 3-4X the population.

Best, always, to measure wealth in joules. Not dollars. Dollars are created from thin air by central banks. Joules are created by God.


16 posted on 03/19/2023 12:04:07 AM PDT by Owen
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