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"The world would be shocked", the American Bank makes a scary prediction: If Putin closes the oil and gas...

2022-07-17 13:47:04Kosova&Bota SHKRUAR NGA REDAKSIA VOX
"The world would be shocked", the American Bank makes a scary
Vladimir Putin

The US global financial services leader has warned that Russia could advance a full blockade of Russian oil, dealing a major blow to the world's economy and energy situation.

According to the US bank, if Russia were to completely stop oil exports, the shock to the world economy could be so great that it would immediately quadruple the price of oil to nearly $400 per barrel. Currently the price per barrel is around $100.

Since the world is still very dependent on oil, the shock to the world economy would be much worse than during the 1970s, a scenario that would plunge the world into a deep recession, writes The Independent.

But there is more.

This week, Russia also shut off most of its natural gas supplies to Europe, via the Nordstream 1 pipeline, as part of scheduled routine maintenance.

It is supposed to be only for a short period, but the German government is worried that Russia may turn off the tap completely.

Putin has also begun cutting gas supplies to Europe in recent months, driving up prices steadily.

Russia has earned billions of dollars in oil and gas surcharges thanks to higher prices since it invaded Ukraine. Oil and gas prices are determined internationally and in this market Russia is a dominant player.

While the United States has ample supplies of its own, Europe is still deeply dependent on Russia.

German and Italian industry in particular would be hurt by higher energy costs and thousands of companies would simply go out of business. Millions of people will be left unemployed and their energy bills will rise to unsustainable levels. Millions of people would not be able to afford to cook food or drive cars.


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