We can just buy energy from Russia, right? I mean, they need the money — I hear they have a war going on.
We can just buy energy from Russia, right? I mean, they need the money — I hear they have a war going on.
We are buying from them today and have been. We buy from anywhere and everywhere like most countries. Oil is fungible, countries contract to buy where it’s cheapest day to day. It doesn’t matter who you buy from, the futures contracts determine that.
Even when we were calling ourselves “energy independent” we were buying from foreign sources every day. Our max production was 24mm barrels of oil a day. Our use at the time was about 29mm barrels a day.
We are producing about 19mm barrels a day and estimates are that will increase to 20mm by next year despite anything Biden does due to reopening old fields, which Biden can’t stop, they were approved long ago and are still producing.
Some wells were shut in because they weren’t worth producing product at lower prices. Now they are worth producing.
Energy imports from Russia are excluded from the sanctions.
We import 700,000 barrels of oil per day from Russia.
We are helping fund the Russian War Machine.