The World’s Addiction to Putin’s Oil

The only reason Putin is able to flex his muscles is because of the world’s addiction to oil.

Russia is the world’s № 2 oil producer.

Even with the severe sanctions, Western powers have been careful to avoid disrupting Russian energy exports.

The Russian ruble has hit new lows as a result of the multiple sanctions from several places, the Russian stock market has plummeted, and Putin’s economic dreams for his country have been shattered.

However, countries like Germany rely significantly on Russia for heat, and even the US has made exceptions in its sanctions for Russian oil and gas.

World countries are terrified that Putin will retaliate by weaponizing Russia’s large natural gas and crude oil reserves, which are vital to most of Europe. There’s a huge fear among world powers that Putin will fire back by weaponizing Russia’s vast supply of natural gas and crude oil, upon which much of Europe relies.

Already, European gas prices have hit a record high. In the US, Americans are being told to expect prices to hit $5 a gallon; the average price of gas was $3.35 in February.

In February, J.P. Morgan warned investors that if Russia’s shipments were reduced in half, oil prices would rise by 41% to $150 a barrel.

The world is being blackmailed, thanks to an over-reliance on Russia’s fossil fuels.

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I vaticinate that when this crisis is behind us, the West that’s already tired of oil and has been chanting the need to go carbon-free would now go full throttle on phasing out oil. They won’t allow this mistake again.

What’s it going to be, Nigeria?