Checks and Balance newsletter: Donald Trump’s losing bet on oil
Charlotte Howard, our US editor, on why the president’s energy strategy has backfired
In the story "Checks and Balance newsletter: Donald Trump’s losing bet on oil," the author discusses the limitations of former President Donald Trump's energy policy during the war in Iran. Trump's strategy was centered around oil and gas drilling, a 20th-century viewpoint that proved ineffective in the face of reduced supply. In contrast, China took a different approach, investing in clean-energy supply chains and becoming an "electrostate."
China cut its crude imports by half during the war, causing a drop in global oil prices. While America's oil and gas industry benefited from the war, higher prices at the pump and strained infrastructure limited the effectiveness of Trump's strategy. The administration's opposition to clean energy further exposed the economy's vulnerability.
The story concludes that Trump's approach to energy power has failed, and his supporters are losing patience with the economic and political costs of the war in Iran.
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