North Dakota Governor and potential GOP presidential candidate Doug Burgum told Newsmax last week that the United States gave Russian President Vladimir Putin permission to invade Ukraine in part because it allowed all of Western Europe to become reliant on Russian energy.
Burgum explained that energy is something we ought to be selling to our allies and friends rather than having to import from our foes.
The Biden administration is entirely off base on the economy, energy, and national security, all of which are interconnected, but winning the Cold War requires economic strength, deterrence, and innovation.
He said that cyberwarfare with China has broken out. We aren’t having nearly enough conversations on the generational and border effects of this.
According to a report, Russia is pulling in more money from oil sales, with supply cuts by critical producers driving up benchmark prices.
According to data from the International Energy Agency, Russia raised over $17 billion from its crude exports last month, up nearly $2 billion from July. The IEA added that higher prices offset the potential impact of Russia’s total output falling by around 150,000 barrels a day.
According to various think tanks, Western nations put a $60-per-barrel ceiling on Russian petroleum in December 2022, but Russia has been successful at avoiding such restrictions.
Reports show supply curbs by OPEC+ leaders have spurred the rise.
According to a current poll of commodities dealers and experts, Saudi Arabia cut its production by a million barrels per day in July. The limitations are anticipated to remain through the end of October.
In August, Russia’s deputy prime minister stated that they will continue to pump less oil, aiming to decrease exports by 300,000 barrels per day.
Rising oil earnings are expected to provide Russia with an economic boost as Russia continues its war in Ukraine.