Posted on 03/28/2022 11:41:02 AM PDT by Mariner
Andrew Bailey has warned the hit to living standards from surging energy prices in the wake of Russia’s invasion of Ukraine will be worse than in any year in the 1970s.
Speaking at an event in Brussels, the Bank of England Governor said: “This really is an historic shock to real incomes. The shock from energy prices this year will be larger than every single year in the 1970s.”
Vladimir Putin’s warmongering and resulting sanctions have sparked a huge surge in oil and gas prices, piling further pressure on households at a time when inflation is at a 30-year high.
(Excerpt) Read more at yahoo.com ...
And they are supported by every one of FR's neocons.
Because harming you is worth it to them.
No, that would be Brandon.
Putin is just cashing in on Brandon’s destruction of the USA.
They’ve become Sleepers in the Green New Deal.
That might be true if Russia could afford to not sell oil to the West.
Except he cannot. The Russian economy is small and oil is pretty much is only significant export.
There is no shortage of oil in the world. And there are plenty of players who can step up production to make up for their shortfall.
Its a global marketplace. Russia is a second tier player in the global economy.
The US Government will play a much larger role in the “shock” as it hinders free market production through its stupid policies.
Wow, the Fear Porn is hip deep and rising.
The issue right now is that for Russia oil and gas exports are 70% of their economy.
For the rest of the world Russia is only 5% of energy imports.
Putin has not turned off the taps because it will cause mild damage to the west but huge damage to Russia.
It may be "in the wake," but BIDEN CAUSED IT. From Victor Davis Hanson's column today in American Greatness...
When Biden entered office, the United States was the largest gas and oil producer in the world. Yet he immediately began jawboning the oil and gas industry about their fated doom on the horizon, pressuring lending agencies not to aid the American frackers, canceling pipelines, ending ANWR, and stopping all new federal gas and oil leases.Bankers have watched the $10 billion Keystone XL pipeline bite the dust because of Biden. They have watched the Nord Stream 2 pipeline go bankrupt even after Biden blessed it. Bankers know that conventional energy investments are risky and they must be hugely reluctant to finance such projects.
They know such projects will damage their Environmental, Social, and Governance (ESG) scores as well and there is nothing worse than a poor ESG score.
Putin AND BIDEN will deliver an energy shock worse than the 1970s, warns Andrew Bailey
It’s no Putin or the sanctions, it’s Biden’s handlers.
A large part of the price of fuel is speculation. Open up the domestic floodgates, and prices would start dropping immediately.
Russia, Russia, Russia.🙄
“And there are plenty of players who can step up production to make up for their shortfall.”
In 5-10 years.
Russia is the world’s #1 natgas exporter.
https://worldpopulationreview.com/country-rankings/natural-gas-by-country
Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia.
And that’s just energy commodities.
It's not just gasoline prices going up; over 6600 products made from oil. Many materials that go into building housing, road infrastructure, and maintenance of all around us. Asphalt for roads, tar and roofing shingles, solvents, paints & lubricants, etc. Fertilizers for growing crops. And so on. Then there are all the personal items like cosmetics, plastics for consumables - plastic containers for liquids of all kinds, clothing & shoes, etc.
The energy shock is going to cause a huge increase in prices of all commodities! And government thinks they'll solve inflation with more stimulus packages! Morons!
Yes!!! Thank you!!! I just posted along the same idea to you.
Have you seen Rubio’s bill?
Just as it was the lockdowns (not Covid) that destroyed the economy.
It's almost as if the people in charge are intentionally pursuing economically destructive policies.
“For the rest of the world Russia is only 5% of energy imports.”
An assertion without citation.
Nope. China has offered to buy what the EU are declining.
Germany gets 40% from Russia (of their gas).
Yes!! Thank you. Biden did this to us mostly.
And the bill to ban trade with Russia is hung up.in the senate? Because they want to add oil to it?
We are still buying Russian oil?
Biden is on a huge temper tantrum of a personal nature
and doesn’t care what happens to us.
Apparently Biden is going to deal with Iran so that we can get oil from them.
Wow. Thanks for this excellent post.
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