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Amid the surge in US gas demand coming from LNG exporters, there is a lack of equivalent new working gas storage capacity in the US.
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In the wake of the war in Iran, oil prices have shot up for everyone. But not all oil is exactly equal. And, obviously, a lot of Iranian oil goes to China specifically.
In the wake of the war in Iran, oil prices have shot up for everyone. But not all oil is exactly equal. And, obviously, a lot of Iranian oil goes to China specifically. Furthermore, because Iran’s oil is sanctioned, a lot of it winds up at China’s so-called “teapot” refineries, which tend to be smaller and owned by independent companies. On the other hand, China has famously been building up its strategic petroleum stockpiles for years, and due to the rise of electric vehicles, they may have less economic sensitivity to the price of crude directly. On this episode, we speak with Erica Downs, senior research scholar at the Center on Global Energy Policy at the Columbia University School of International and Public Affairs. Erica has a long background studying Chinese energy policy and she talks to us about the potential cost that the war is imposing on China’s economy, why the country has built up such a big buffer stock in the first place, and how this global oil shock could ultimately play to its advantage.
The 2026 cohort brought together reporters from a range of regional and independent outlets across the world.
While a ban on oil and fuel exports could temporarily decrease prices, experts say benefits would be short-lived and cause long-term pain.
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The economic and humanitarian consequences of the June 24 twin earthquakes in Venezuela continue to emerge.
