Originally Posted by Greg Shaffer
You really believe that BS that Russian oil is causing our gas to go up? While it does have a small effect it certainly isnt the cause of this massive rise. We only get about 3% of our crude from them and if you count already processed then its about 8%......The drastic increase certainly isnt being caused by that.....lol
We'll try this one more time for the benefit of Greg or anybody else who thinks the same thing as him. The cost of a barrel of oil is determined GLOBALLY not LOCALLY.
Right now, it stands at about $106/barrel up from the $50 or so from not so long ago.
Additionally, “That $130 price point was factoring in the absolute siege mentality in the oil market, where we were staring down potentially losing all Russian output, OPEC not budging and the Ukraine situation just worsening,” John Kilduff of Again Capital said on CNBC’s “The Exchange.” “Now we’ve reversed all of that, seemingly, to a degree at least. I don’t want to get ahead of myself.”
https://www.cnbc.com/2022/03/09/us-oil-prices-take-sudden-leg-downward-now-off-10percent-following-a-march-rally-to-13-year-highs.html
It doesn't matter much if we don't import much Russian oil and we never did. What matters is the effect on the global cost of a barrel of oil. For the upteenth time, we live and work in a global economy...