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Sanctions - or tip toe trough the tulips ?

Derf
in Other Investing
Recovered from SA :
Bigger picture: Current market fears are centered around sanctions, though the first wave of them appeared to be quite targeted and not that economically damaging. Measures from the U.S. were leveled against two of Russia's largest financial institutions, three members of Russia's elite, as well as sovereign debt, but left the crucial energy sector untouched.

Good thing the sanctions didn't hit energy as gas in the USA is rising fast enough.
Does the USA import oil from the Bear ? It seems I read somewhere (we) do.

Will the sanctions effect Russia MF's ?
Trying to enjoy the ride, Derf

Comments

  • MarkMark
    Oil Imports
  • JonGaltIII
    Most of the reports like Mark linked are based on 2020 numbers. This was a historic year and the US exported more oil than it imported. However, from what I read - in 2021 this changed and the US is back to importing more oil than it exports. Most forecasts say this trend will continue in 2022 where the US will import more oil than it exports. In 2021, there was a 20% rise in imports. Something to note.
  • Derf
    I'm thinking with oil at a profitable point, more drilling & recovering will be taking place.
    trying to stay warm , Derf
  • msf
    Net trade didn't change sign in 2021. The US still exported more petroleum (including refined products) in 2021, but the surplus shrank. The government 2022 projection is for net importing. Note that in terms of crude oil, the US has "always" (at least every year this century) been a net importer.

    https://www.eia.gov/todayinenergy/detail.php?id=51338
  • Derf
    @msf : thanks for the link. I remember last year (?) when oil went negative. You had to pay someone to take your barrels , at least on paper.
    Will gas hit $4.00 a gallon in your neck of the woods , in some areas it already has ? !!
    As the line grows for people to buy EV's. if I knew I could rent a vehicle at a reasonable price for longer trips I might consider one (EV) .
    Derf
  • Old_JoeOld_Joe
    Try over $5 in SF.
  • Derf
    @Old_Joe Is an EV in your plans, (dreams) ?
  • JonGaltIII
    MSF link explains it clearly "Historically, the United States has been a net importer of petroleum. During 2020, COVID-19 mitigation efforts caused a drop in oil demand within the United States and internationally. International petroleum prices decreased in response to less consumption, which diminished incentives for key petroleum-exporting countries to increase production. This shift allowed the United States to export more petroleum in 2020 than it had in the past.'"

    This FORBES story is a decent if not simplistic summary of the conflict and how it affects the US. I suspect that most Americans are not aware of how much oil is imported from Russia. https://www.forbes.com/sites/rrapier/2022/02/21/russia-is-a-major-supplier-of-oil-to-the-us/
  • Old_JoeOld_Joe
    @Derf- Open-minded on that. At 83, it's likely that my 2009 Tacoma pickup will be my last vehicle, but I'm impressed with the advances in the EVs.
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