[PGR88]

A knock-on effect of the cuts: Russian oil and fuel prices have risen far above caps imposed by the U.S. and its allies as part of energy sanctions. The country’s main flavor of crude, Urals, trades at $82 a barrel, according to Argus. The cap set by the U.S. is $60.

I remember all the MSM stupidity and propaganda when Yellen was pushing this plan. Haven't heard a peep about it since. I was wondering how it worked out. US Fed.gov woke central-planners and neocons get humiliated. Again. LOL.

[Owen]

$100 oil has only a transitory effect on inflation. Even oil inflation.

If you go to $100 and stay there, that is only one month of oil inflation. A big jump, but the next month it may have 0 jump. Inflation is a measure of rate of change. If the change stops, even at a high level, inflation can be reported 0.

Now, on the other hand, 6% inflation would be far above the Fed’s 2% target, and you can get 6% of oil inflation with just a $0.50 increase in price per barrel per month. That’s pretty modest, but at the end of the year, oil would be $106 for a 6% increase.

[Paul R.]

It was really the Euro’s who pushed the cap most. It even worked for a while, but then Saudi*, cut back. So, Russia’s oil revenues are stronger. Their gas revenues are still tanked, tho’.

*I saw a Harvard analysis that stated Saudi, if you count the reserves it has partial (or more) control of globally, not just in SA, controls 55% of global reserves. Apparently they did a LOT of foreign investing.