Invested their oil wealth in a massive highly diverse sovereign wealth fund generations ago.
Nothing was stopping other countries from doing the same thing. But state investment is “ARGFFHG SOCIALISM BZZZZTT WANT TO BE LIKE VENEZUELA??” so we didn’t.
Invested their oil wealth in a massive highly diverse sovereign wealth fund generations ago.
Nothing was stopping other countries from doing the same thing. But state investment is “ARGFFHG SOCIALISM BZZZZTT WANT TO BE LIKE VENEZUELA??” so we didn’t.
Except for having large quantities of oil, conveniently discovered after the country was stable and industrialized.
France has very little oil and EV purchases this summer hit around 45%. So it’s doable. High oil prices helps ofc :-)
The US also has lots of oil
That is totally correct
Indeed. It’s almost like my comment was aimed squarely at certain countries. My own UK and the USA being particularly in mind.