Cortical t1_j20r309 wrote
the reality is that much of the oil will still find it's way to banned countries, but with even less profit for Russia, and more for the middle men, who will then also have an incentive to keep Russia isolated.
and the price cap was intended to reduce Russian profits while not depriving the world of oil, so Russia is playing itself.
Varolyn t1_j21va2z wrote
Yeah Oil isn’t really that rare of a resource at the end of the day. Although it is funny that back in the 70s-80s the fear with fossil fuels wasn’t so much environmental but rather we would soon run out of fossil fuel sources.
jpf137 t1_j22p863 wrote
The nuance there is that the cheapest oil is long over, but as the price rises some partially depleted wells and extraction methods become competitive again.
jangohutch t1_j22s2u8 wrote
The problem though is the implications that a group of countries at any point can fix a market. People don’t see past Russia here. America continues to do whatever it wants around the world.
Jamuro t1_j23do80 wrote
right because the oil market wasn't already a fixed shitshow with opec+ and friends
jangohutch t1_j24ed8o wrote
For sure but I thought we were supposed to be the better people here the righteous and fair and ethically correct country.
cech_ t1_j23a76y wrote
Why is that a problem? Anyone should be able to refuse service, no?
jangohutch t1_j24evjb wrote
Refusing service and declaring you will buy something a price you pick are different things, the market picks the prices in a free market which I thought as being a real liberal I would have support over things like free speech freedom of choice freedom of speech but people’s hatred of everything these days blinds them to making rational decisions
cech_ t1_j24x78j wrote
Sure, one is rejecting one is regulating. There's issues like that with insulin and runaway pricing so regulation may be put in place. You believe we are in a world wide free market? You know we have lots of rules in our market, lots of taxes as well?
Formulka t1_j23pput wrote
By “a group” you mean every large economy except India and China.
jangohutch t1_j24dvx0 wrote
I mean every other country except western countries. Most countries simply go along with America because it can and will devastate a economy that does not play with its politics, it’s essentially a bully, which thinks it’s always right
ric2b t1_j23u5vu wrote
Agreed, the West should have good plans in case something similar happens against it, sort of like the oil crisis in the 70's.
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