What many have missed due to what dominates the news, is that the price of crude oil has dropped beneath 70$ per barrel. This is important, because it is the point at which russian oil is starting to no longer be competitive on the energy market and russian oil revenue shrinks into nothing. - ThreadSky

derparrot.bsky.social • 56 days ago

What many have missed due to what dominates the news, is that the price of crude oil has dropped beneath 70$ per barrel. This is important, because it is the point at which russian oil is starting to no longer be competitive on the energy market and russian oil revenue shrinks into nothing.

Comments

missdefecation.bsky.social•56 days ago

#DestroyallRussianrefineries

theseer1983.bsky.social•56 days ago

Trump World Trade War III will only collapse the price of oil further. Normally, I wouldn't say good. But considering what russia is doing, I will say good.

anunir.bsky.social•56 days ago

lithdael.bsky.social•56 days ago

I am glad I found your profile here. Sober and to the point, unlike the common outrage train

justmeanybody.bsky.social•56 days ago

I know. I swore Trump's team met Russia in Saudi Arabia to cut oil production to raise gas prices like last time. I was wrong. But tariffs on Canada will raise them right?
I can't see how Russia hasn't gotten Trump to break his promise like on everything else and raise them again

johnhobbitson.bsky.social•56 days ago

The US refines a lot of Canadian oil, so gas prices could increase as refiners pass through increased cost (as long as demand doesn’t drop), but maybe Canada’s supply of crude oil goes to the global market which could lower prices?
Not sure how feasible Canadian sands oil is to ship overseas though?

johnhobbitson.bsky.social•56 days ago

Just looked it up and Canada sells 97% of its sands oil to the US and just 3% to the UK/EU/HK.
Should we expect the non-us share to grow @roryjohnston.bsky.social ?

justmeanybody.bsky.social•56 days ago

I sure hope so

justmeanybody.bsky.social•56 days ago

I don't know... I am just surprised Trump hasn't made some kind of deal to raise oil prices to help Russia like last time. It isn't like him not to do whatever suits Russia best. That's what he did in 2020 https://www.politico.com/news/2020/04/02/trump-calls-on-russia-and-saudi-arabia-to-cut-oil-production-161368

johnhobbitson.bsky.social•56 days ago

Putting on my tin foil hat- I begin to wonder if Trump kicking Chevron out of Venezuela is part of a strategy to reduce supply? I wouldn’t be surprised if they decide to refill the SPR to juice demand too.
All of those efforts will be for naught if he causes a recession tho.