This is really bad news for the economies of Europe and much of Asia.
Should this harm the US and the economies of many of our trading partners, it will make the 2024 elections even more interesting. It will also put pressure on lots of European governments which are struggling politically (France, Germany, etc.)
The real wild card will be what will it do to the Chinese economy? China has lots of economic problems that they are trying to deal with and much higher fuel costs could just push them over the top into significant economic and political problems.
Please pass the popcorn. I wonder if Biden will encourage oil production and natural gas production in the US? Nah, that is not his thing......then again his handlers do want t stay in power and a recession would not be good for that.
Time to take ALL our troops out of Germany,
“The real wild card will be what will it do to the Chinese economy?”
I suspect since the Russians and Chinese are working together for their both best interests, it will assist the Chinese in their problems. If anything, it will make more oil available to the Chinese so they can use it for their exports to other countries. Russia and China have been working on this for months and have already started the process:
wy69