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The only reason the Russian economy even survived this long (since the cold war) is because western tech and know how unlocked oil and gas that was selling for
by finid 10y ago
The only reason the Russian economy even survived this long (since the cold war) is because western tech and know how unlocked oil and gas that was selling for $150 a barrel.
I'll consider that major bulls#!#.
The sharp jump in crude prices - from about $35/barrel in early 2003 to about $150/barrel in mid-2008 - tracks very nicely with the invasion of Iraq in March 2003.
Much later than that gap up, fracking, a "western tech and know how", which has been around longer than most people know, did actually help unlock oil and gas, but the effect om prices was the opposite.
http://www.macrotrends.net/1369/crude-oil-price-history-chart http://www.macrotrends.net/1369/crude-oil-price-history-char...
- hourislate 10y agoSo what's your point that the Russian economy didn't benefit from crude at $150 a barrel? Why don't you look at capacity and correlate that to the involvement of the west after the fall of CCCP? It doubled with western help and peaked in 2013 -2014 and is in decline again. Russia still can't drill deep water and they lack a lot of other drilling technical know how. Where did Russia get it's reserves from? Manufacturing? What do they even make that they can export? So I stand by the fact that the Russian economy would have collapsed again (3rd time in 25 years) if it weren't for $150 a barrel crude. But it is on its way for another collapse if crude stays below $80-100 a barrel. Unless of course Donald can help out his buddy Vlad.
- finid 10y agoEverybody benefited from that sharp increase in the price of crude, but "western tech and know how" was not the cause.