110%er [9149]
TigerPulse: 100%
Posts: 5313
Joined: 9/3/03
|
Russian oil
Mar 4, 2022, 9:20 AM
|
|
I posted yesterday that we're still buying oil from Russia. Biden won't put an end to that - even though even Crazy Nancy says to ban it. I did a little looking on that Google thing I read about on here yesterday (really cool thing - those guys are gonna make millions one day!).
In 2021, we imported an average of 209,000 barrels per day of crude and 500,000 barrels per day of other petrol products from Russia. I'm at work and don't have all day, so I'm just going to look at the crude oil. The average price of crude in 2021 was $71/barrel. At 209,000 barrels per day, we paid Russia over $14 million PER DAY for crude oil. Figuring 261 work days in the year last year, that means we paid Russia nearly $4 BILLION for oil last year alone.
Oil is now around $110/barrel. At 200,000 bpd that we could be buying from them, based upon 2021 numbers, we're CURRENTLY giving Putin over $22 MILLION PER DAY. While the war is supposedly costing Russia over $15 BILLION per day, and $22 MILLION is just a fraction of that, it would tighten the economic chokehold on Russia, and if that's the only way we can choke them, then so be it.
They are one of the countries we import the least from, but it's also been growing. We imported more from them in 2021 than we ever have in one year. It's been pretty steadily increasing for several years.
How would the ban impact US gas prices? Short story - nobody knows. Oil is going up right now, even without a ban. It would certainly continue to go up with a ban, but to what degree, no one knows. If we ban Russian oil, others would do the same and it would have a trickle down economic effect globally.
Prices are going up no matter what. Continued effects of shutting down the entire global economy for COVID, poor leadership, supply chain issues (see COVID), and all the sanctions that so many countries are levying against Russia, all of it is contributing. I don't know about y'all, but if I'm going to pay more, I'm ok with it if I know that it is for a good reason and not just partisan political garbage and the COVID overreaction. If we can't kill Putin, we can at least try to starve him.
|
|
50
