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Oil isn't a serious problem, neither is gasoline. The West can safely maintain the situation with Russia indefinitely. Brent has been in the $90s for a while n
by adventured 4y ago
Oil isn't a serious problem, neither is gasoline. The West can safely maintain the situation with Russia indefinitely.
Brent has been in the $90s for a while now. That's equivalent to $65-$70 from ten years ago, which also wasn't a problem then. It's very modestly elevated at present.
Natural gas may be a different matter, although the Europeans look like they can have that permanently solved over the next few years through diversification and greater energy conservation.
- nine_zeros 4y ago> Oil isn't a serious problem, neither is gasoline. Isn't a serious problem, yet. That's because China is offline and EU is still purchasing oil from Russia.
- Sin2x 4y agoIf it wasn't a problem, Biden wouldn't tour Iran, Venezuela and Saudi Arabia to get their oil and wouldn't open the national reserve. Nations literally live and die by the oil.
- medvezhenok 4y agoYou can't mention oil prices without mentioning the U.S. SPR (Strategic Petroleum Reserve) releases (around ~250M barrels released this year, around 1/3 of the total reserve): https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCSSTUS1&f=M https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M... Without those, the price of crude oil would likely be higher than it is at the moment (although hard to say how much higher). The fact that China is still pursuing a COVID-0 policy has also helped keep global demand depressed - but we can't rely on that indefinitely.