It doesn’t provoke a public outcry like gasoline, but it can be a silent killer of commerce and profits.” “We are going to push the envelope with inflation that infiltrates every nook and cranny of the economy,” Mr. For every penny that a gallon of regular gasoline rises, it costs American consumers $4 million a day, said Tom Kloza, global head of energy analysis for Oil Price Information Service. Higher fuel prices hurt rural and working-class consumers the most because they spend a larger percentage of their incomes on energy and because they typically drive longer distances in less fuel-efficient cars. Diesel prices have been rising a penny a gallon every day recently. The average price for regular gasoline in the United States has risen to nearly $3.50, a rise of almost 20 cents over the last month and nearly $1 more than a year ago, according to AAA. Many energy experts say an invasion would easily propel the price above $100 a barrel. Oil prices have risen to well over $90 a barrel - their highest levels since 2014 - in recent days as fears of war have grown. “No one was gaming for a cutoff of Russian oil and gas to the global market.”
Goldwyn, who was a leading State Department energy diplomat during the Obama administration. “Governments had hoped that these days were over,” said David L. Putin has created the kind of threat to the global energy market that the world hasn’t seen since the end of the Cold War. Yet, by simply amassing tens of thousands of troops near the Ukrainian border, Mr. Putin of Russia intends to do in Ukraine, and most analysts agree that a war would hurt his country as much as the rest of the world, if not more, given the Russian economy’s dependence on energy. Nobody quite knows what President Vladimir V. But even Americans would be hurt because the price of the commodity is set in global markets. The United States is not a big importer of Russian oil - it gets about 700,000 barrels a day, or roughly 3 percent of its demand. Russia produces 10 million barrels of oil a day, roughly 10 percent of global demand, and is Europe’s largest supplier of natural gas, a critical fuel for power plants and for heat. But all of that pales in comparison with what could happen if a war in Eastern Europe and potential Western sanctions on Russia curtail that country’s production, analysts said. Oil and gas prices have been marching upward for months as exporting countries like Libya have struggled with production problems and demand has rapidly recovered after two years of the pandemic. By: Clifford Krauss – NYT – A Russian invasion of Ukraine could drive up already high oil and natural gas prices, prolonging elevated inflation around the world and dealing a blow to any country dependent on Russia for energy.
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