They've got it backwards, of course.
Presidential policy cutting off oil production and exports created the "energy crisis". Not just in the US, but in Europe and the UK, too. between late 20-17 and early 2021, the US was in the top 3 suppliers of energy products to the world's markets, which made Europe and the UK no longer dependent u…
Presidential policy cutting off oil production and exports created the "energy crisis". Not just in the US, but in Europe and the UK, too. between late 20-17 and early 2021, the US was in the top 3 suppliers of energy products to the world's markets, which made Europe and the UK no longer dependent upon Russia. For the first time in decades OPEC+Russia had competition, breaking the collusive monopoly. Not only was the US no longer dependent upon OPEC+Russia, neither were our trading partners who now had another source.
Putin was not pleased. Nor were the Saudis.
Day 1 in the WH, the Biden administration "fixed" the problem Russia and the Saudi's had from US competition, halting exports by edict. Throttling (again) production. Putting OPEC+Russia back in control.
This in turn revitalized Putin's revenue stream (which Trump's policies had hurt badly). He also now had the leaders of the European economy by the sensitive follicles again. That enabled Putin to resume his expansion into E. Europe.
The current situation in Ukraine was enabled by US energy policy, not the other way around.
According to Rystad, the current resource replacement ratio for conventional resources is only 16 percent. Only 1 barrel out of every 6 consumed is being replaced with new resources
They've got it backwards, of course.
Presidential policy cutting off oil production and exports created the "energy crisis". Not just in the US, but in Europe and the UK, too. between late 20-17 and early 2021, the US was in the top 3 suppliers of energy products to the world's markets, which made Europe and the UK no longer dependent upon Russia. For the first time in decades OPEC+Russia had competition, breaking the collusive monopoly. Not only was the US no longer dependent upon OPEC+Russia, neither were our trading partners who now had another source.
Putin was not pleased. Nor were the Saudis.
Day 1 in the WH, the Biden administration "fixed" the problem Russia and the Saudi's had from US competition, halting exports by edict. Throttling (again) production. Putting OPEC+Russia back in control.
This in turn revitalized Putin's revenue stream (which Trump's policies had hurt badly). He also now had the leaders of the European economy by the sensitive follicles again. That enabled Putin to resume his expansion into E. Europe.
The current situation in Ukraine was enabled by US energy policy, not the other way around.
According to Rystad, the current resource replacement ratio for conventional resources is only 16 percent. Only 1 barrel out of every 6 consumed is being replaced with new resources
https://oilprice.com/Energy/Energy-General/The-Biggest-Oil-Gas-Discoveries-Of-2019.html
If you have $100,000k in your account ... and deposit $1000 every month but withdraw say $5000 every month -- what eventually happens?