China’s New Five-Year Plan Preps the Nation for Peak Oil

China’s energy strategy has largely shielded it from the fallout of the war in Iran and the resultant closure of the Strait of Hormuz, a vital artery for global oil and gas trade. However, the country’s newest five-year plan for its oil and gas sector reveals ongoing anxieties about geopolitical tensions, future conflicts, reliance on energy imports, and the country’s dwindling crude supplies. Released to the public on Monday by the National Development and Reform Commission and the National Energy Administration, the newest five-year plan focuses on building up China’s strategic reserves of natural gas as well as its ability…