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More important, the press and pols in US and Europe have whipped the public into such a Russia-hating frenzy that it seems impossible for them to back down on sanctions even when the war is over. That means no (for the US) or less (for the EU) Russian oil. This is a problem because as we have explained, oil is not as fungible as you have been led to believe. Diesel and home heating oil require either medium heavy oil like Russia’s, or heavy sour like Iran’s and Venezuela’s. Shale oil and gas are very light and no substitute. Ditto the gas from Canada’s tar sands is also very light; reader are arguing over its bitumen, which in theory could help but that was never intended to be transported to the US....There are three things that nations will go to war over as a matter of national
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More important, the press and pols in US and Europe have whipped the public into such a Russia-hating frenzy that it seems impossible for them to back down on sanctions even when the war is over. That means no (for the US) or less (for the EU) Russian oil. This is a problem because as we have explained, oil is not as fungible as you have been led to believe. Diesel and home heating oil require either medium heavy oil like Russia’s, or heavy sour like Iran’s and Venezuela’s. Shale oil and gas are very light and no substitute. Ditto the gas from Canada’s tar sands is also very light; reader are arguing over its bitumen, which in theory could help but that was never intended to be transported to the US....There are three things that nations will go to war over as a matter of national
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More important, the press and pols in US and Europe have whipped the public into such a Russia-hating frenzy that it seems impossible for them to back down on sanctions even when the war is over. That means no (for the US) or less (for the EU) Russian oil. This is a problem because as we have explained, oil is not as fungible as you have been led to believe. Diesel and home heating oil require either medium heavy oil like Russia’s, or heavy sour like Iran’s and Venezuela’s. Shale oil and gas are very light and no substitute. Ditto the gas from Canada’s tar sands is also very light; reader are arguing over its bitumen, which in theory could help but that was never intended to be transported to the US....There are three things that nations will go to war over as a matter of national security and vital interests — energy, food and natural resources, and Russia appears to be the swing producer in all of them to some degree.
Excluding Russia from the world economy has consequences. The Global South and East has this figured out, but the Global North and West doesn't — yet. When it does, if it comes to that, there will be either backdown or war.
After all, one of the objectives is to get control of Russia vast resources, although the chief objective of the US is to exercise dominion over the world. That is what "the rules-based order" is about. This is the starting point of analysis of the current world system, including the global economy.