### China’s oil giants post record profits on surging fuel prices

I thought I understood:

• Whether China needed foreign oil.
• That they were in need of foreign oil.
• How they managed infrastructure things under total government control.
• That because of the lack of river water, hydroelectric power was failing, and China had resumed massive coal mining.

Apparently, the situation is way more complicated that I had assessed.

But you can't eat nor drink petro, nor coal. And, there's lots of things you can't manufacture without copious amounts of water -- including food & semiconductors.

So:

• Food will be an increasing problem for China, Russia, and the rest of the world.
• As will be potable water.
• Supply chain issues will continue to increase
• Ukraine grain and agro will become an increasing global issue
• No matter how much the Fed raises interest rates prices will go higher
• Gasohol boondoggle in the US will become an ever-greater problem as the maize it consumes is needed as a foodstuff.

We (some of us) will come to realize that COVID-19 was a wake-up call that was not heeded.

And, by that I do not include any moral issues, but entirely logistical issues increasingly imposed by #AcceleratingGlobalClimateCataclysm. However, moral and ethical issue will proliferate as economic circumstances become more severe.

reshare from @Al Jazeera (unofficial)

PetroChina Co, Sinopec and Cnooc Ltd report historic takings in the January-to-June period.

China’s oil giants post record profits on surging fuel prices