Biden's oil embargo of Russia a total bust

 Andrew Malcolm:

Joe Biden’s much-heralded international embargo of Russian oil purchases has flopped.

Vladimir Putin is selling more oil to the world now than before his unprovoked invasion of Ukraine provoked Biden’s ineffective boycott.

Not only that, but because of the economic and political uncertainty surrounding the Russian’s “special operation” and the mixed response of other countries, the global price of oil has surged about 30 percent.

So, Putin is not only selling more oil because of his war. He’s also reaping much greater revenues at higher prices because of his war. Which provides far greater sums to finance the now prolonged fighting that Biden professes to oppose.

Before the war, Russia delivered to Europe, for instance, about half of its nearly eight million barrels per day production of crude and refined oil.

Even if Russia cut its production levels now, thanks to increased oil prices energy experts estimate its annual oil revenues to be about $180 billion a year, 45 percent larger than last year.

Russia has shifted its energy sales to Asia, especially ally China, to developing countries that cannot afford the luxury of political protests, and to India, which also needs the energy and has often played Russian relations off against Western attention, for instance, in arms purchases.

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The way to drive down the price is the way Trump did it., by increasing US production and lowering the world price.  Everything Biden has done since taking office has benefited the Russian oil market and financed Russia's war of aggression against Ukraine. 

Biden's energy policy has been a strategic disaster from day one and now he is going hat in hand to try to get other oil-producing countries to increase production. At the same time, he idiotically continues to reduce US production.  Americans see the results of this idiocy every time they go by a gas station.