Voices: Russia is about to play its most dangerous cards – and the west is not ready
A few weeks ago, the US bank JP Morgan offered an apocalyptic warning that barely made a ripple outside the financial press. It said that if Russia completely halted oil exports, the shock to the world economy could be so large it would instantly quadruple the price of oil to nearly $400 a barrel. Right now, it’s hovering at around $100 a barrel.
Russia has earned billions of dollars in extra oil and gas payments – thanks to higher prices – since it invaded Ukraine. The prices of oil and gas are set internationally, and in that market Russia is a dominant player. Since world supplies are already stretched to their limits, a ban from Russia would instantly drive up prices to what JP Morgan called “stratospheric” levels.
But God is in Control
This is just my opinion.
