“Petrostate” and “electrostate” are two terms that have come up in the financial industry and the financial press in the last six months. What that refers to is the attitude of a country toward long-term development, not necessarily what they're doing right now with their reserves, but where they're orientating their new investments.
China, mainly for energy security reasons and local air quality reasons, is very much doubling and tripling down on electric vehicles, solar, batteries and what have you. The U.S. approach is somewhat schizophrenic, because it developed a lot of these technologies but obviously there have been reversals. Europe is mainly heading toward an electrostate, and, again, that's for energy security reasons.
If we put all our investment into oil and gas development—everything that's available to us—we could very much end up with a built structure that's not suited to the demands of the 2040s, 2050s and 2060s, when mainly it's going to be electricity-driven technologies that move the globe's economy. We can do both for a little while, but we really have to emphasize our electrostate development as well as any fossil fuel developments that we're doing at the present.