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US urged Ukraine to halt strikes on Russian oil refineries (www.ft.com)
submitted 8 months ago by [email protected] to c/[email protected]
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The US has urged Ukraine to halt attacks on Russia’s energy infrastructure, warning that the drone strikes risk driving up global oil prices and provoking retaliation, according to three people familiar with the discussions. [...]

One person said that the White House had grown increasingly frustrated by brazen Ukrainian drone attacks that have struck oil refineries, terminals, depots and storage facilities across western Russia, hurting its oil production capacity.

Russia remains one of the world’s most important energy exporters despite western sanctions on its oil and gas sector. Oil prices have risen about 15 per cent this year, to $85 a barrel, pushing up fuel costs just as US President Joe Biden begins his campaign for re-election.

Un-paywalled link: https://archive.ph/wv1Y3

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[–] [email protected] 1 points 8 months ago

Prices are determined based on supply and demand, so any event which decreases the global supply, even in sectors where most of the world was not being given market access, will drive the price up for everyone else.

This is why Biden has been approving drilling projects left and right while transitioning America off the stuff, America's prices are subsidized, but the world gets squeezed big time by supply fluctuations elsewhere, it's basically a spooky action at a distance way to try and subsidize global prices to artificially keep them low same as America's oil prices.