Comment by mikkupikku
3 days ago
Oil is fungible. If America takes Venezuelan oil for themselves and doesn't let China have any, China will just buy more from Russia and the Middle East instead. There's no oil blockade to China, those ships aren't being stopped, and the minute such a blockade would be announced is the minute this 5th generation warfare WW3 turns into a 3rd generation war.
You need to understand marginal economics and why China will have to pay slightly more for oil as a result of this. Resulting in China having less money to spend on other things.
Plenty of things are fungible, that doesn't eliminate scarcity.
Trump himself just now said he is good friends with Xi and they will get their oil.