- Joined
- Mar 25, 2021
Right, but Europe is also banning Russian fuels. So they'll start buying from our sources. The 3rd largest oil producer has been effectively removed from the market overnight and OPEC told everyone to go fuck themselvesI don't know if it will affect U.S. prices much as Russian imports only represent ~3% of US crude oil imports and ~1% of the total crude oil processed by US refineries. However, the knock-on effects of this whole ordeal on the global economy may still lead to higher prices (Fertilizer and semiconductor chip prices - Ukraine is home to half of the world's neon gas, which is critical for chip manufacturing - are still the larger concern for the U.S. in my eyes). For Europe though, it's going to be rough.