Washington’s criticism is misplaced: attacks on oil refineries will not have the effect on global energy markets that U.S. officials fear. These s​trikes reduce Russia’s ability to turn its oil into usable products; they do not affect the volume of oil it can extract or export. In fact, with less domestic refining capacity, Russia will be forced to export more of its crude oil, not less, pushing global prices down rather than up. Indeed, Russian firms have already started selling more unrefined oil overseas. As long as they remain restricted to Russian refineries, the attacks are unlikely to raise the price of oil for Western consumers.

  • @randon31415@lemmy.world
    link
    fedilink
    21
    edit-2
    7 months ago

    America is a NET EXPORTER of oil. I know they weren’t back in the 70s when all the current American politicians learned about where oil came from, but we are now. Every refinery that blows up HELPS America’s economy - it just hurts consumers because big oil thinks they can pretend that oil prices jumping by 5% means they can hike gas prices by 100%.

    • @pineapple_pizza
      link
      87 months ago

      It’s a bit more complex than that. Just because the US is a net exporter doesn’t mean that it doesn’t still need to import. There are several types of oil and currently the US still needs foreign imports of certain types that we rely on but don’t produce enough of.

      That being said, I still think it makes sense to destroy infrastructure supporting the Russian invasion.

    • Buelldozer
      link
      fedilink
      8
      edit-2
      7 months ago

      America is a NET EXPORTER of oil.

      Big whoop. The article isn’t talking about oil production and it isn’t “oil” that matters; it’s what that oil is refined into that matters and the US doesn’t have the capacity to create much more in the way of refined products like Diesel, Gasoline, Kerosene, etc than it already does. In fact we’ve been importing a LOT of refined petroleum for years now to make up for our lack of refining capacity and pre-invasion much of it was imported from Russia itself!

      So when Russian oil refineries suddenly explode and those refined petroleum products are no longer available on the world market the prices go up. This is exactly how you can end up with low oil prices but high gasoline prices. If Russia can’t refine the oil they’ll try and dump it on the market for whatever price they can get but that low cost oil is headed into a refinery system that’s already working at capacity and can’t make anything more than it already does.

    • @jonne@infosec.pub
      link
      fedilink
      17 months ago

      Except they still sell oil at global market prices, and a big player was caught colluding with OPEC. In a global commodity market without government intervention it doesn’t make a huge difference where the oil is being pumped up