Discover and read the best of Twitter Threads about #oilpricehike
Most recents (2)
Chevron told Biden they could produce 800,000 barrels a day from Venezuela, replacing 100% of Russia’s oil exports to the US. But the plan's being blocked by Debbie Wasserman Schultz and Bob Menendez, tweedle corrupt and tweedle corrupter —via @KPFARadio kpfa.org/episode/flashp…
And, of course, Charles Koch is using his influence to oppose the plan too, supporting the embargo of Venezuela, but not Russia. #Ukraine #UkraineWar #UkraineRussiaWar #Russia #RussianInvasion #RussianOil #Putin #Venezuela #OilPrice #OilPriceHike
gregpalast.com/when-you-corro…
gregpalast.com/when-you-corro…
And, weirdly, some greens, like Bill McKibben, are saying no to Venezuelan oil — as if the alternative right now was solar powered cars. Bill’s been a great voice for warning us about climate change. But this is about right now. soundcloud.com/gregpalast/fla…
High oil prices suck. I know. With that said I see a lot of misinformation regarding how oil markets work, our production, Russia's production, etc. Perhaps this will help people sort through the noise.
1. The first thing to know about oil is that it is set on a GLOBAL market. What does that mean? That means there is, effectively, one price. So, any supply disruption, anywhere, affects that price and therefore prices in the US.
Even if we produced 2x what we consumed, if there is a war that raises oil prices in EU, the price in the US will rise. So, if someone claims that increasing our production will insulate us from oil P shocks like we are seeing now, they don't know what they are talking abt. Sorry
