Posted on 03/06/2022 6:21:28 PM PST by Enlightened1
This spike in oil prices above $125 should never have happened, and could easily have been stopped at $100 if the Biden White House wanted to do that. There’s a limit to sanctions on Russia and how far Russian oil production can drop without causing severe poverty in Russia. Oil production and exports are a big part of the Russian economy and production can only drop about 1 million barrels per day in Russia without causing severe poverty in Russia (when adding in the effects of other financial sanctions, and western corporations leaving Russia). It’s completely wrong to severely punish the Russian people for Putin’s war against Ukraine, and therefore sanctions on Russian oil production need to stop with a result of about a 1 million barrel per day drop in production.
Hopefully that’s where this situation is going, and Russian oil that used to flow to Europe will be diverted to China and India, while more Middle Eastern oil flows to Europe. There’s enough excess capacity in Saudi Arabia, Kuwait, and the UAE to increase their production by 1 million barrels per day quickly, and completely offset the drop in Russian production. This rearrangement of production and shipping could be done quickly and could have been well in progress today if the Biden White House had prepared properly for the Russian invasion and resulting sanctions. In the longer term, North American oil production can also rise substantially from current levels. There’s much more oil that can be produced in North America at long-term prices between $90 and $100 per barrel.
The Biden White House appears to be deliberately causing an oil price spike, probably in an attempt to push Americans into compact vehicles and EVs. This extra push is completely unnecessary because the move towards highly fuel efficient vehicles and EVs is already happening at a brisk pace. We don’t need this manufactured oil price spike. Let’s limit the impact on Russian oil production to about a million barrels per day, ask our Arab allies to increase production by the same amount, and bring oil prices back down under $100. This inflationary spike is ridiculous, unnecessary, and damaging to our economy, which is already suffering from high inflation.
that you can take ot the bank. and the Low information voters will buy it...
But WHY??
We do not get that much from Russia
There is a cabal of greedy bastards somewhere!
Since it has been PROVEN that Russia screwed up our elections; they can do ANYTHING they want!!
But what will the price of electrons be?
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