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Saudi Arabia effectively sets the price of oil. Ukraine doesn't produce any of it. Some tanks banging around the countryside there are not major consumers of o
by qbasic_forever 3y ago
Saudi Arabia effectively sets the price of oil. Ukraine doesn't produce any of it. Some tanks banging around the countryside there are not major consumers of oil, one oil tanker crossing the ocean is burning and blasting through orders of magnitude more oil.
- tekla 3y agoWho said that Tanks in Ukraine are the main drivers to oil price increases?
- qbasic_forever 3y agoThe person I'm directly replying to said the war in Ukraine is causing oil prices to increase. What else would be using major amounts of oil in a war? But like I said it's beside the point. The price of oil is effectively set by the production volume of Saudi Arabia. Ukraine does not factor into it at all.
- Retric 3y agoRussia is a major oil exporter ~10 million barrels per day, and they are impacted by the war.
- qbasic_forever 3y agoTheir exports are humming along just fine as they've made new agreements with China and other countries to get out of the petro-dollar hegemony. It's been over a year and the sanctions against Russian oil exports appear to have done nothing.
- politician 3y agoIf I posted as frequently within the short amount of time as you have on this topic, my account would have been throttled. My account is frequently throttled for posting more than 5-7 times per hour, and yet, your recent history shows a far higher rate of posts in defense of Russia with no evidence of throttling. That's very interesting. I wonder if limits are relaxed above 8k karma.
- qbasic_forever 3y agoI'm an American that's fed up with the continued support of sanctions and this useless war in Ukraine. We have flushed billions of dollars into this conflict and enacted pain on the world for zero gain. It's time for the west to admit failure on this and push Ukraine to bargain for a cease fire, even if it costs them contested territory like Crimea or Donbas. The history of conflict in those regions is quite complicated and zero concern for the US--we have far bigger problems at home to worry about.
- phpnode 3y agoYour biggest adversary, one that's cast a dark shadow over your country and it's allies, one that's consumed trillions of dollars of defence spending over the last 75 years, is now being ground down and exhausted with approximately zero of your countrymen's lives at risk and all for a mere few billion dollars. You're getting a bargain.
- Retric 3y agoThe USSR was a major adversary for roughly 45 years, 1946 to 1991. The US provided them major economic aid in WWII which they leveraged into a massive expansion and had minimal interaction before the war. Russia is a politically distinct fragment of that empire, just like Ukraine.
- selimthegrim 3y agoIndeed “glavniy protivnik/glavniy vrag” is what USSR used to call USA!
- thriftwy 3y agoNope. It wasn't. It was the most likely adversary. Вероятный.
- 3y ago
- AlecSchueler 3y agoBut the price of oil and gas is still up in Europe.
- ta1243 3y agoIn the UK I was filling up the other day and reflecting how I'd being paying the exact same price 10 years ago. My current car costs me 15p/mile to drive. Back in 2000 I remember it was costing me about 13p/mile -- that was in a car with worse mpg, but either way it feels it's never been cheaper to drive in the UK. In 2004 it was 80p a litre, or £1.57 in today's money [1]. I filled up for well under £1.49 - I don't recall exactly. In 2008 petrol peaked at £1.20 or £2.05 in today's money, about the same peak as last year's £1.90 a litre. In real terms petrol today is well below 2018 levels [0] https://www.racfoundation.org/data/uk-pump-prices-over-time https://www.racfoundation.org/data/uk-pump-prices-over-time [1] https://www.in2013dollars.com/uk/inflation/2004?amount=80 https://www.in2013dollars.com/uk/inflation/2004?amount=80
- hardware2win 3y agoI'd argue that there is shitton of logistics around war which requires a lot of transportation
- Paul-Craft 3y agoI believe the fuel being referred to is natural gas, much of which has historically come from Russia.
- theandrewbailey 3y agoRussia is a major producer of oil and gas, which has been extremely sanctioned. Oil and gas that used to come from Russia need to come from somewhere else, raising demand (and thus, prices) for other producers.
- qbasic_forever 3y agoNo Russia made new agreements with China, India, etc. and their oil and gas is being "laundered" through sales to those countries and back out to the west. The sanctions have failed to do anything.
- andreygrehov 3y agoNot only failed, but backfired. All these Russia/China/India deals is the result of the sanctions. Heck, even Japan is now ignoring the price thresholds and buys from Russia.
- qbasic_forever 3y agoYup, and no one is paying for oil in dollars anymore. The global value of the dollar is going to be destroyed over time. It's really breathtaking how quickly the west has decided to shoot itself in the foot with nothing to show for it.
- boc 3y agoCite your sources for the claim that “no one is paying for oil in dollars anymore” The West has stood up to a blatant land-grab invasion and has armed Ukrainians with the means to defend themselves effectively. Decimating the Russian military without firing a shot is objectively a NATO victory, regardless of the ultimate outcome.
- ren_engineer 3y agothe ham-fisted SWIFT ban was the real mistake and that is what's driving countries away from the dollar more than anything. Removing Russia from SWIFT was the financial equivalent of launching nukes and will be seen as a major mistake long term China's competitor to SWIFT has doubled in transaction volume since the sanctions and is growing fast - https://www.ft.com/content/6d5bbdbc-9f5d-41b2-ba80-7d8ac3973cf3 https://www.ft.com/content/6d5bbdbc-9f5d-41b2-ba80-7d8ac3973...