EU Darwin Award seems imminent over a Russian oil embargo
Tom KirkmanIndependent Project Manager
EU Darwin Award seems imminent.
Insanity.
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“Reuters reports that the EU is set to declare a full embargo on Russian oil after this weekend’s French election:
EU GAS PRICE TO SHOOT UP AS EU TO DECLARE EMBARGO ON RUSSIAN OIL AFTER FRENCH ELECTION NEXT WEEK – SOURCE
Why wait until after the election to launch the embargo? Simple: Europe’s bureaucrats are correctly terrified that the coming oil price spike to push the vote in Le Pen’s favor, which is why Europe will wait until after the election (when Macron will supposedly be the next president of France, as Belgium hopes) to announce it publicly.
… A full and immediate embargo is likely to hurt European consumers more than Russian producers in the near term.
More importantly, a full, immediate ban would likely drive Brent crude oil prices to $185/bbl as more than 4 mbd of Russian oil supplies would be displaced with neither room nor time to re-route them to China, India, or other potential substitute buyers. …”