
Originally Posted by
dawg80
Earlier this week gas at the pump was around $2.00, now it's up to $2.35. What happened? Well, two things for sure have influenced world oil prices, and thus oil futures, thus gas prices.
1) China and India are rolling back purchases of Russia's cheap oil and replacing it with oil bought on the world market. Why? Because Trump struck a deal with both countries reducing tariffs in exchange for them to stop buying Putin's oil. This has reduced supply and increased demand which yields higher prices for everyone.
2) Ukraine is reducing Putin's oil infrastructure, and this week hit a grand slam! Ukran Neptune cruise missiles have put Russia's largest, and one of the largest in the world, oil terminals out of business, baby! The HUGE oil terminal on the Black Sea at the Port of Novorossiysk (heretofore referred to as "Novo"). This terminal, alone, accounts for 2.3% of the entire world's oil production. Not 2.3% of Russia's, nope, 2.3% of the world market. The terminal is shut down. No oil is flowing via this port for the foreseeable future. It is blown up! And any attempts to repair the damage will be met with more Ukrainian attacks.
Good job Ukraine!
Yep, I am paying more for gas at the pump, just like everyone else. Maybe this might motivate the world to finally stand with Ukraine and crush the Putin regime once and for all.