Now they say they won't pay above $60.
Russia says they will not sell at that price.
Russia will win this one.
They’ll just sell to Asia, and India or whoever will sell the global commodity they don’t use.
Meanwhile European citizens will pay the true price.
Its utterly asinine. If $60/barrel is good, why don’t they just “mandate” $30/barrel - even better!
The whole discussion has been a Brussels/DC government-bureaucrat circle-jerk - a sign of their total arrogance and bubble-thinking.
Gee, maybe I should try that at my gas station. “Not a penny over two bucks! You hear? Stop laughing!”
Is Russia going to eat their oil?
Looks like oil is going for about $80-$85/bbl.
Imagine walking into a fancy restaurant with a coupon that you made yourself that you get your meal for 25% off. Manager says “no, that’s not how coupons work.” And your response is “well, I’ve handed out hundreds of these coupons. You’ll have to take them eventually.”
Unexpected.
This will not work.
I would say FU and lower the cap to $40!!!
Man, I HATE Russia!
Gee is this really a surprise? NATO has reached peak chutzpah thinking they can dictate the price of oil they are willing to pay. Russia isn’t Saudi Arabia, and even Saudi Arabia has moved to accepting alternative payments other than the dollar.
China and India are paying around $40/bbl. I think that’s the Russians giving the middle finger to the west. I believe the Ruskies are building a pipeline that will go through Iran and terminate in the Indian Ocean. Germany and Europe are toast if that’s the case.
Next time I go to fill up at the gas station, I’m going right to the manager and tell him I won’t pay more than $2 a gallon.
I’ll demand it, or I won’t fill up!
That’ll teach them not to gouge me anymore!
These so called world leaders will destroy the oil industry one way or another
The gas that we’re buying from the Russians What are we paying ???
These idiots forget that the Chinese Communist Party will be happy to take ALL the oil at any price
Despite economists, oil experts, energy experts, etc., etc. telling them not to do it but they go ahead and do it.
Last laugh? Russia.
They will sell it to India, China, etc., etc., etc. who will then turn around and sell that oil/gas bought from Russia to them for profit.
Cha-ching!
Dumbass EU, as par.
Long live the continued deindustrialization of Europe.
‘EU bad moves, oil price cap. Russia big moves, gas union’
https://www.youtube.com/watch?v=9abYGrFjzBo
I think they had another year to wind it down. This way it happens more quickly.
Crude oil $140 in 2023
That‘s why:
1) Russia used to sell oil to EU at $67 a barrel
2) EU imposes price Cap on Russian oil at $60 a barrel
3) Russia stops selling oil to EU with immediate effect
4) EU now needs to buy oil elsewhere at $100 or higher a barrel
5) OPEC+ cut oil output to “digest” the shock and stabilize the supply
6) India & China now buy Russian oil at $100 a barrel and sell it to EU at $125 a barrel
7) Meanwhile, the Fed pauses at raising rates triggering rally in commodities: Gold & Oil start rising
8) Biden administration after depleting U.S. emergency strategic oil reserves starts panicking & suggests removing Venezuela or Iran sanctions
9) Somewhere next month, EU admits its mistake and increases the price Cap on Russian oil to $70 a barrel
10) Crude oil jumps to $140
https://t.me/tradingrumors/23854
Price controls ALWAYS lead to shortages. This is a lesson of history that statists refuse to learn.
I have put a price cap of 20,000 on brand new F-150 pickups. I am still waiting for delivery. I’ll let you guys know when it gets delivered.