Throttling the oil industry while cutting off Russian oil is putting American businesses at a serious disadvantage to those that now buy Russian oil and gas at a discount, namely China and also India, according to an expert on environmental and energy policy. Worse yet, this situation appears to be baked into the geopolitical cake for the foreseeable future.
After Russia invaded Ukraine earlier this year, Western nations tried to punish Russia with a slew of economic sanctions, including by cutting purchases of Russian oil and gas. That made Russia “a distressed seller” forced to accept penalty prices, noted Ross McKitrick, professor of economics at the University of Guelph in Ontario….