Who benefits if the United States limits oil and gas exploration? Arab petrostates.
This makes perfect sense. A leading producer of oil and gas would definitely support efforts to restrict U.S. production of oil and gas.
“This is especially true in the Middle East where huge subsidies on domestic oil consumption are putting an even greater strain on government revenues.” This suggests that Western decarbonization and ESG efforts don’t actually reduce oil consumption — they just shift production to petrostates. The geopolitics of this are not great.
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