REST OF STORY>>>>>
But as Furman noted, Russia’s oil and gas exports are significant to the world.
The European Union imports about 80% of the natural gas it uses, according to the US Energy Information Administration, and Russia accounts for 41% of the natural gas imports and 27% of the oil imports in the continent, according to Eurostat.
Compounded with energy prices in the EU surging from 20 euros to 180 euros a megawatt-hour over the past year, the disappearance of those gas and oil imports could spell disaster for the region and the interconnected global economy. Meanwhile, in the US, gas prices have hit a seven-year high, climbing to about $3.50 per gallon on average, while inflation over the past year has grown at its highest rate in 40 years, at 7.5%.
On the other hand, Ukraine has also been a major supplier of grain to other regions, sending 40% of its wheat and corn exports to the Middle East and Africa, The Times reported.
In response to a potential food crisis in those regions, US Secretary of Agriculture Tom Vilsack said on Saturday that American farmers would increase production and “step in and help our partners,” The Associated Press reported.
Ukraine accounts for 12% of the world’s grain exports and is estimated to provide 16% of global corn exports this year, the AP reported. Vilsack told the outlet he believed that American consumers would largely be unaffected but that Europeans would face “a different story.”
“You have to look at the backdrop against which this is coming,” Gregory Daco, the chief economist for consulting firm EY-Parthenon, told The Times. “There is high inflation, strained supply chains and uncertainty about what central banks are going to do and how insistent price rises are.”
Hey, Jason. Russia has a mineral or two as well, you know.
He’s not incorrect on this one. The oligarchs simply stole the wealth without reinvesting in the country’s development.
“except for oil and gas,”
Except for that, Mrs Lincoln, how did you enjoy the play? With the EUs are totally hooked on Russian gas (thanks, Comrade Merkel, job well done!), the Russkies are relevant whether Harvard twerps like it or not.
yeah, well energy is a pretty useful thing.
Some would argue the USA is a giant credit card machine and welfare state.
I read somewhere that Wall Street in all its various forms is 25% of US GDP. Don’t know if that’s true, but it would not surprise me.
Sounds like Mr. Furman used to listen to Rush.
Yeah huh, a gas station with nukes.
Except with over 6,000 nuclear warheads, Russia has more nuclear weapons than anyone else.
Is this Obama guy stupid?
Other exports include: ferrous metals, wheat, aluminium, lumber, fertilizer, copper, nickel. titanium, boron, magnesium, gallium, hafnium, indium, niobium (columbium), rhenium and thallium. Small economy, yes, but a lot of exports that the world uses.
He’s largely correct.
Gas station, gas station, gas station…..is that what the media was concerned about during previous administration?
Never trust a guy like Putin being backed into a corner and having the ability to launch nuclear missiles.
Not all Harvard economics professors are wrong all the time.
What do you know.
Not many gas stations carry a large nuclear inventory.
Russia is a threat not just because of its nukes but because of its plentiful natural resources, which if allowed to be exploited, would soon result in them becoming a major global economic power. So the US geostrategy is to prevent this from happening by isolating Russia and demonizing Putin. European dependence on Russia’s oil and gas is to be prevented at all costs lest Russia be allowed to gain sway over them with such dependence. Thus our elites have decided to bring us to the brink of nuclear war to assure this will never happen.
He’s not wrong. russia is basically mexico with nukes but without good food.
“University”, “professor”....nough said.
Russia is a major exporter of: Grain, Fertilizer, Timber, Nickel, Palladium, other rare earth metals, Lithium, natural gas, oil, etc.
That’s all very useful stuff....stuff people will pay good money for.
Not so
Does he say the same about the Middle East?