Quote:
Originally Posted by John Mercier
Russian oil is still entering the global market. Even if it goes to China and India, the supply they would have purchased flows to other countries that are banning Russian oil. The products are for the most part fungible.
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Yes, I agree on this and the gist of your other oil posts--it's mostly fungible. So it does not matter if Russian oil flows to US or China, as long as it flows; and it does not matter if the US is "energy independent".
Prices are up globally because Russian exports are down and could well fall further. My understanding is that Russia is down by 30% or so, but this is probably changing daily. so who really knows? And of course, the expectation of exports being down in the future is enough to push price up today.