A few reminders. Any efforts by the US to engage other nations in boosting oil supply are not because the US *needs* Russian oil, or any specific country's oil.
The US - and the globe - need enough oil to adequately meet demand. Foreign, or domestic. #OOTT
The US - and the globe - need enough oil to adequately meet demand. Foreign, or domestic. #OOTT
If our production magically increased tomorrow by 3 million barrels a day, that would go a long way. But it can't.
there isn't an easy way out of the shortfall that's growing and going to get worse following the Russian invasion as the markets get more skittish. #OOTT
there isn't an easy way out of the shortfall that's growing and going to get worse following the Russian invasion as the markets get more skittish. #OOTT
But again. It's a global energy market. The total supply matters. The country with the most in reserve (as is generally the case) is Saudi Arabia. #OOTT
So the deal isn't that the US relies "on foreign oil." (it does, to a point, but most of that foreign oil is Canadian, and to a lesser extent, Mexico).
It's a global market. Prices respond accordingly. #OOTT
It's a global market. Prices respond accordingly. #OOTT
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