The notion of “resource wars” has become a fashionable topic of debate in recent years. Shortages of oil, gas, minerals and water are supposed to portend a future of mounting international tensions.
Yet over the past few decades the global allocation of resources has been transformed, without a shot being fired.
The emergence of China as the world’s largest net oil importer, marked by the US Energy Information Administration this week, is part of a wider shift away from the developed world and towards emerging economies.
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