Posted on 07/14/2022 10:07:51 AM PDT by tanstaafl.72555
“So, we’re proposing an exception that would allow Russia to export as long as the price doesn’t exceed a to-be-determined level. Otherwise, Russia faces a situation where it will be completely cut off from those critical services, and that’s likely to shut-in a substantial amount of Russian oil,” the official warned. She said the mechanism should be viewed as “mitigating the impact that the insurance and financial services ban would otherwise have.”
“It will give Russia a way to continue exporting oil at a price I expect would be quite profitable for them relative to shutting it in,”
The long and the short of it is that the USA says they will SANCTION (the old word for this is EMBARGO, which was considered an act of war) Russia if they dare to extract their own oil and sell it for more than we say it should be sold for.
As if this were not hubris ghastly enough, THE WON'T YET TELL RUSSIA WHAT THAT PRICE CAP WILL BE.
The icing on the cake here is that Yellen says that slowing down money supply is not the only "tool" they have for fighting inflation. "Price caps" will be an effective instrument.
We are in the best of hands.
Meanwhile, reversing all the restrictions and regulations on our own oil would lower the world price, doing the same thing.
Central planning: it’s not just for your own country anymore.
Russia can sell oil at whatever price they darn well please. Yellen is a nut.
That 70s Show: waiting an hour in a long line to get a $10 ration of gasoline.
Or else what?
What a joke...they can pump...but we can't...unless it goes to China and others?
It’s almost like the US government is trying to nationalize the Russian Oil Industry. That won’t work. But maybe the US government will just start nationalizing our US industries.
Yellen is an ignoramus.
So now they’re calling price controls “price caps” instead. You’ve got to give liberals credit for one thing. They sure are good at giving bad things good names.
I wonder what they’ll call rationing this time around? Maybe something like “fair share allotments”.
“The long and the short of it is that the USA says they will SANCTION (the old word for this is EMBARGO, which was considered an act of war) Russia if they dare to extract their own oil and sell it for more than we say it should be sold for.”
Here’s a thought on where the administration came up with this idea. Possibly China told Biden the price they would pay for oil delivered to China from the US petroleum reserve.
So now we’re just negotiating over price? 😏
Without spending too much time wading through the swamp of bureaucratic language, these rules seem to apply more to licenses required for buying and selling a wide scope of “military end uses” rather than oil/gas directly.
This is laughable. China and India will buy Russian oil at market price - they don’t care what Biden or Yellen have to say.
LOL. The far tougher sanctions are already being ignored and are useless. The globalhomos tried to do a kill shot on Russia and now they think that this weaker action, the equivalent of a “Republican stern letter” will work? Russia has plenty of customers that will pay far and above whatever ludicrous “price caps” the Biden Regime and the Eurotrash attempt to impose.
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