The America media is gonna run around with it’s hair on fire fronting this move by the American President ….
But?
It’s NOT something Joe Biden wanted to do….
And it is NOT something that helps the West…..
America only imports 3% of Russian Oil….
Europe is DEPENDENT of Russian oil for over *25% of its energy….
The President IS well aware that the price for oil and gasoline has increased and WILL increase more with his announcement…
But Biden had no choice…
Congress was voting to do the same , which would have made him look weak politically…
While Europe says it will cut Russian oil imports?
You can bet the EU leaders are VERY nervous….
A non-rational Putin could cut back on supplies to Europe which would drive their energy prices up resulting in svereve economic hardshisp’s…
All this would seem to point to something nobaody has talked about outloud…
The Ukrainan President Zelensky is actually waging a good strategy to force the West to come down to on Putin in ways the Americxan President has been afraid to do….
This simply CANNOT go on for weeks and months like some on the TV have said…
Sanction’s , which have hurt Russia….
ARE going to slowly begin to hurt the West in this ‘global ‘ economy…
Not as much for America…
But increasingly for Europe which has to digest over 2 million. Ukrainaninas and the prospect of energy cut off’s and economic hardships….
Remember …
Validimir Putin IS the man…
Politics mean nothing little to him….
He doesn’t need money ….
He doesn’t need gas or oil….
The West DOES….
At some point soon?
Europe IS gonna turn to the American President and say….
This while Republicans back home WILL be defining Biden as the guy who raiseed your gas and , oil and consumer good prices into a recesionn on top of inflation….
And the midterms get closer….
Mr. President?
Ya goota figure out a way to make Zelensky make a deal to end all this?……
Higher gas prices impact many sectors of the economy. Airlines raise their prices, passing along the higher costs to consumers. Drivers often change their behavior, cutting back on travel. And prices on products that are delivered by trucks also can increase, creating a new wave of inflationary pressures. Currently, Russia produces about 11 percent of the world’s oil, or roughly 10.5 million barrels a day.
If the U.S. and Europe banned the imports of Russian oil, “There will be a global recession,” McNally said. “It’s pretty much lights out for the global economy if we ban Russian oil exports … The only thing would be demand destruction, which would be bone-crushing price increases. I don’t see any way out.”
European officials on Tuesday announced they were planning to cut back on their imports of Russian oil and gas but they stopped short of a complete ban.
The Boston Globe
@BostonGlobe
Wall Street’s upward trend stalled by Russia
Link…