A long-held axiom says “History does not repeat itself, but it does rhyme.” While China is much less weary of flexing its economic and political muscles lately, the middle kingdom does not have the hubris of forgetting recent history. Especially if that history is of its current largest adversary.
While there are numerous differences between the US in the 1970’s and China now, two of the greatest are 1) the rise of New Energy Vehicles in China, and 2) China’s use of alternative forms of transportation.
As oil prices head higher, China will have greater impetus to wane itself off of oil. Already, the IEA has been warning that