Palmer Luckey explains why China is advancing so rapidly in technology and why the United States is struggling to keep up 🇺🇸🇨🇳 “The reason China is doing so well with advanced technology isn’t that they have a lot of people. It’s that they made a series of decisions that make high-tech companies much faster and much more effective. They have very low-cost energy. You can complain about all of their coal plants, but the net output is that they have a very, very low cost of energy. You have a really favorable labor environment. You have a very favorable logistics and supply chain world. You have very favorable laws regarding the extraction and processing of metals, minerals, and rare earths. People ask me, ‘Palmer, what can we do to catch up with China?’ I say, ‘We need way more energy. We’re probably going to need to burn a lot more fossil fuels, and we’re probably going to need to relax labor laws.’ And they say, ‘I want to catch up with China, but I don’t want to do any of the things they’re doing to lead.’ You have to make a choice at some point. It’s not really possible to say, ‘I want to win, but I’m not willing to do anything to do that.’”

Over the past 2 decades Europe's refining capacity dropped by around 25%...because the focus then was on the energy transition, and now it's back to reality. The upstream sector is an essential component of energy security. #OOTT