Its not just Biden. Bigger. We are the ones who will suffer. How stupid can they be? I think their ultimate goal is to pull the EU off Russian oil before next year.
There is an underlying motive here. They know Russia will cut them off.
Forbes: Russian Oil Price Cap Could Be Biden’s Biggest Energy Folly Yet
By Dan Eberhart, CEO of Canary, LLC
There are two likely consequences of the price cap on Russian oil exports that G7 leaders agreed to in early September – and neither is good for the policy’s architects.
The idea behind the price cap is to expand the reach of sanctions on Russia to third countries, thereby limiting the windfall the Kremlin is receiving from higher oil prices while also lessening the impact on prices in sanctioning countries. But there are flaws in this thinking.
First, big buyers of Russian oil like China and India will likely ignore or evade the cap and keep providing vital funding for Russia’s war machine with their purchases.
Second, the price cap creates a considerable disruption to Russian oil supply that will send global prices skyrocketing, keeping Russian oil income buoyant while punishing the global economy.
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The worst-case scenario is full-blown Russian retaliation and the use of oil exports as a weapon, which could deliver a bullish shock to the market, pushing prices as high as $150 a barrel.
Such a scenario could increase Russia’s oil income by as much as 50 percent while exacerbating global recessionary pressures.
The risk of this market reaction cannot be overstated – especially since the Biden administration and EU and UK policymakers have proven themselves incompetent in the current energy crisis, and the price cap could be their coup de grace.
and the price cap could be their coup de grace.
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Thanks, I have no doubt as everything Biden supports or mandates results in harm to America.
my post at 11