Score another “win” (cough) for the Wizard of Smart!
It turns out the Biden-led embargo on Russian oil is fueling record profits for Putin to finance his ongoing invasion of Ukraine. In fact, Russia’s profits are higher now than they were a year ago even though it is selling its exports at 30% below international market prices, according to the New York Times.
According to figures from the International Energy Agency, Russia made enough in the first 100 days of the Ukraine invasion to more than cover what it had spent on the war.
Oil prices have risen by about 60% since the beginning of 2022, so Russia’s price discount still allows them to generate oil revenues well above 2021’s figures.
Fun Fact: China remains Russia’s largest fossil fuel importer – you know, the country that is building all those solar panels Biden wants to import so we’re no longer reliant upon our foreign adversaries for energy? Hmmm…
Today’s White House Sponsored Lesson in Economics: Choking off your nation’s oil supply only serves to damage your economy and hurt your own people.
Many thanks to you, President Brandon!
https://omny.fm/shows/kendall-and-casey/russia-making-record-profits-despite-embargo
