Adam Tooze: Electrostates, Petrostates and the New Cold War

China is racing ahead in electrification, while the US turns its back on green energy in favour of a new era of fossil fuel machismo. An alignment between the three major petrostates – the US, Saudi Arabia and Russia – no longer looks implausible. The outlines of a new Cold War are becoming visible, one which will be determined by a novel mixture of ideology, critical technologies, supply chains…