Another way China is ripping us off

Paul Brandus
Another way China is ripping us off

In the old days, it would have been absolutely essential for the United States to ensure that the Strait of Hormuz—through which a third of the world’s crude oil passes daily—remained open. It is less essential now, thanks to the oil shale revolution, which has once again made America an oil giant. Meantime, China has become not only the biggest consumer of energy in the world, it has become, since 2014, the biggest importer of oil in the world.