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The West Thinks It Can Fix the Price of Russian Oil
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Dementia characterizes the entirety of Western “leadership.”

The Group of Seven is going to fix the price of Russian Oil by forbidding it to be sold or shipped unless the price is cut in half. https://www.rt.com/business/558280-g7-halve-russian-oil-price/

It is unclear how the Group of Seven are going to stop China, India, and others from buying Russian oil. But suppose they have a magic wand. Who gets hurt?

Not Russia. Russia has essentially no foreign debt and is not permitted by the West to service the small amount of debt that it has. So Russia has no need of oil revenue. What the demented fools who comprise the Group of Seven overlook is what happens to the price of oil if the supply is reduced by stopping the sale abroad of Russian oil. How about \$380 dollars a barrel and the collapse of Western economies? https://www.rt.com/business/558256-jp-morgan-alarm-oil-prices/

Clearly, the morons running the Western world haven’t the intelligence for the job.

(Republished from PaulCraigRoberts.org by permission of author or representative)
 
• Category: Economics, Foreign Policy • Tags: Oil Industry, Russia, Ukraine