Let's call out BS when we see it. The administration said today regarding the US halting their purchase of Russian oil: "Given high oil and gas prices, cutting off Russian oil and gas could drive prices up to Putin's benefit."
Uhhh, No.
Uhhh, No.
The only way halting the purchase of Russian oil would raise oil prices is if that Russian oil does NOT get bought by someone else. My hunch is that, effectively, all of it would be bought by someone else and it would have no effect on oil prices or R. But we should still do it.
But, let's suppose some of it wasn't bought by others, and that drove the price of oil up. Why do we know Russia would be worse off? Because if they were made better off by selling less of their oil, THEY WOULD SELL LESS OF THEIR OIL ON THEIR OWN!!
Revealed preference is strong. If they want to sell that oil and all of a sudden cannot, then we can safely say they are made worse off. #UkraineRussianWar #UkraineUnderAttaсk #UkraineWar #Ukraine #RussianOil
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