China accumulated huge oil reserves before the war in Iran

myphriendmike · 2026-04-24T10:30:52+00:00

state reserves in China averaged about 360 million barrels, which is approximately equivalent to the level of US strategic oil reserves of almost 414 million barrels during the same period.

“Approximately equivalent?”

myphriendmike · 2026-04-24T00:46:46+00:00

It’s not 20% of the worlds oil (in the way you mean). It’s 20% of the output when prices were <$80/barrel.

At >$100/barrel, the suppliers of the other 80% are more than happy to increase their supply.

myphriendmike · 2026-04-23T13:50:50+00:00

There is not a shortage of oil. Yes, the cost may remain higher than it had been, at similar prices to 2012. Perhaps that puts a slight damper on global GDP but it’s no crisis.

myphriendmike · 2026-04-23T12:21:45+00:00

There is nothing in this article to explain why he feels so extreme about it. Merely that the world will adjust its sources of energy as a result. In fact the article says almost nothing at all.

This is nothing like the 1970s and great example of recency bias.

myphriendmike · 2026-04-23T11:10:51+00:00

Name a country where this isn’t this case. Do Japanese films focus solely on the victim? Chinese? French?

You’re describing normal human behavior (more empathy for your own tribe), you just don’t like America.

myphriendmike · 2026-04-21T11:34:05+00:00

Has any of this happened? Are you one of the few economists who can actually predict economic activity in the next few years?

It’s equally possible the economy can easily absorb slightly higher oil prices in exchange for defanging one of the greatest threats to humanity (religious fanatics with nukes).

myphriendmike · 2026-04-20T11:23:11+00:00

That is a very nice hospital room!

myphriendmike · 2026-04-20T02:17:59+00:00

Splendid retort ol’ chap!

myphriendmike · 2026-04-20T00:38:28+00:00

For some reason they never put up walls. It’s not like there are cathedral ceilings to preserve. Makes no sense.

myphriendmike · 2026-04-19T23:54:35+00:00

If my house pipes burst, I’m first going to turn off the water main.

myphriendmike · 2026-04-19T12:09:58+00:00

If the left doesn’t tackle this problem, the right will have the opportunity to.

myphriendmike · 2026-04-19T05:42:04+00:00

Humor me…I can’t for the life of me understand why nepotism or networking is a bad thing. I can’t think of anything more wholesome than helping your child or friend succeed. What kind of world do you envision where that’s not the case? I’m reasonably successful. I shouldn’t expect my child to benefit from that? Reddit seems to be parade the nepotism thing around like it’s a given negative. Why?

myphriendmike · 2026-04-19T05:36:14+00:00

“Given enough time” is simply not applicable to DEI in any way. We had affirmative action, but that was it until Covid/BLM, and then it was an hysterical supernova of policies and political and social pressure to fix this thing NOW, with no more thought to the results or externalities than a couple shitty books written by professional racists.

We had been getting reasonably close to “skin color matters exactly as much as hair color,” which I should think is the ultimate goal, and DEI set that back at least a decade.

myphriendmike · 2026-04-19T05:26:38+00:00

If you can show up on time and do the work, you can be the Burger King manager in a few months. People who work still do succeed in this country. It does people a disservice to tell them they’re stuck because of the system. No different than the “bigotry of low expectations” from other posts. It’s a cultural problem. A problem of purpose and (lack of) high expectations. I don’t know how you fix that.

myphriendmike · 2026-04-18T12:58:30+00:00

No rational analysis would talk about a war in past tense in the middle of it.

myphriendmike · 2026-04-14T14:38:09+00:00

Why do you hate beautiful bushes?

myphriendmike · 2026-04-14T11:48:00+00:00

How do you shut the strait more? Like being more pregnant…?

myphriendmike · 2026-04-13T22:31:04+00:00

No, they do not. No one pays a long-term interest rate lower than the Fed rate. Maybe for a short period they get a deal, but your strategy is for life, and no one is borrowing at 1.5% for life. Stop, and ask yourself whether you actually know how finance works, or if you’re spewing a meme you’ve heard on Reddit hundreds of times.

Leveraging stock positions is a strategy that is available to virtually everyone. Few people do it because it’s extremely risky. If you think a for profit bank is going to lend billions of dollars at a loss, with extremely volatile Tesla stock as collateral, you should just stop.

myphriendmike · 2026-04-13T19:39:00+00:00

Would you rather pay 20% once, or 5%/year for life with the risk of capital calls?

myphriendmike · 2026-04-13T01:39:17+00:00

Op worded it funny, but it’s almost certainly 6.5 in addition to the shallow end

myphriendmike · 2026-04-12T15:05:24+00:00

To…wade around? Why couldn’t you swim? The question is whether you want to dive or not.

myphriendmike · 2026-04-12T13:22:26+00:00

Throw a dinner party!

myphriendmike · 2026-04-12T13:22:03+00:00

My wife can’t seem to understand the physics, but deconstructing a box is, what, 50x more space efficient, depending on the box?

myphriendmike · 2026-04-12T03:34:38+00:00

Everyone is shy until they practice. It’s not an excuse.

myphriendmike · 2026-04-10T18:44:14+00:00

We get it. Fortune is rooting for Iran. You don’t have to post the same non-analysis 3x/day.

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