Political News & Social Views

Tag: Oil Shortages

Ukraine war: How reliant is the world on Russia for oil and gas?

How much oil does Russia export?
Russia is the third biggest producer of oil in the world, behind the US and Saudi Arabia.

Of about five million barrels of crude oil it exports each day, more than half of that goes to Europe.

Russian imports account for 8% of total UK oil demand.

The US is less reliant, with about 3% of its imported oil coming from Russia in 2020.

Biden’s Bizarre Oil Diplomacy

President Biden is scrambling to contain soaring oil prices, which closed at more than $123 a barrel on Monday. It speaks volumes about this Administration that it’s seeking help from Vladimir Putin’s client in Venezuela and our estranged Saudi allies rather than U.S. shale producers or our Canadian friends.

US Gas Prices Set New National Record

The national average of a gallon of gas in the United States hit a record high on March 7 as prices soar amid the Russia–Ukraine war.

The average price nationwide hit $4.104 on Monday, breaking the record of $4.103 set in 2008, according to GasBuddy.

The record came after the national average spiked 49 cents in just one week, breaking the previous one-week spike set in 2005, the gas-tracking company said.