A deeper drop in Russian oil supply is likely to trigger a global recession: BoA says

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cancel2 2022

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A deeper drop in Russian oil supply is likely to trigger a global recession and a full-blown energy crisis, Bank of America warns

A further decline in Russian oil supply is likely to spark a global recession, Bank of America said Friday.
The bank warned oil prices could hit $150 a barrel, and an energy crisis could ensue, if supplies fall sharply.
Russia's oil production has fallen by around 1 million barrels per day in 2022, as sanctions have hit the country.

https://markets.businessinsider.com...al-recession-energy-crisis-prices-bofa-2022-5
 
No need to fret over the Russians causing a recession, Brandon can and will do that all by himself.
 
Primavera said:
Not all bad, it will clip Russia's wings and possibly China as well.
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not our war -but we made it so.
Now a recession is "not all bad?" Some of us live off our 401k, and SSA and my part time job
Inflation is killing me
a recession kills the rest of the economy - people with kids in higher earning years

and for...what was it??? Ukraine?? no sale
 
dukkha said:
not our war -but we made it so.
Now a recession is "not all bad?" Some of us live off our 401k, and SSA and my part time job
Inflation is killing me
a recession kills the rest of the economy - people with kids in higher earning years

and for...what was it??? Ukraine?? no sale
Click to expand...

No faster way to kill Inflation that a good old recession. It's been on the cards for a while now, oil prices is just the 'cherry on top' for alarmists.
 
Primavera said:
No faster way to kill Inflation that a good old recession. It's been on the cards for a while now, oil prices is just the 'cherry on top' for alarmists.
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id bet on a recession but it's not a sure thing -however there are so many poor performers in our economy
plus increasing demand it's probably the way out -yes
 
The average price for a gallon of gasoline in the U.S. rose to a record on Sunday at $4.61, according to the latest numbers from AAA. The price had hovered around $4.60 most of the past week, but crossed the line Sunday morning.
 
dukkha said:
The average price for a gallon of gasoline in the U.S. rose to a record on Sunday at $4.61, according to the latest numbers from AAA. The price had hovered around $4.60 most of the past week, but crossed the line Sunday morning.
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High inflation can actually be worse than recession, the real worry is the return of stagflation.
 
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dukkha said:
id bet on a recession but it's not a sure thing -however there are so many poor performers in our economy
plus increasing demand it's probably the way out -yes
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If you think this is bad just imagine what would happen if China attacks Taiwan. That's why I think it's imperative that Western economies start seriously moving out of China, otherwise the Chinese will use their stranglehold to crucify the West.
 
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Primavera said:
If you think this is bad just imagine what would happen if China attacks Taiwan. That's why I think it's imperative that Western economies start seriously moving out of China, otherwise the Chinese will use their stranglehold to crucify the West.
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it's called "decoupling" and it's damn near impossible to do because we are so interdependent
 
dukkha said:
it's called "decoupling" and it's damn near impossible to do because we are so interdependent
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Better to do now rather than wait for the inevitable. Look at the prices of the minerals and metals needed for EVs as an example. Lithium carbonate alone has gone up 900% in less than two years.
 
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Remember that the Chinese decided at the jump that sanctions would hurt the West more than the Empire.

There is almost zero chance that they are wrong.

Buckle Up Fuckers
 
Minister of Truth said:
He could always make us energy independent...
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Meanwhile here's the latest bullshit from the World Bank.

The World Bank’s Impractical Electric Car Clap-Trap

All of this is presuming that the cars themselves can be manufactured to meet demand. Making electric cars requires six times the minerals as combustion engine vehicles: needing thirty times as the lithium, nickel, and other metals currently in circulation. The UK must expand battery production capacity by ninety times the present amount to keep pace. But absent abundant domestic resources, Britain remains heavily dependent on our geostrategic rivals for the raw materials used in EV and battery manufacture.

Britain imports over 2200 tonnes of lithium every year. Recent sanctions on Russia affected Britain’s top import: $12 billion of annual metal imports. Nickel prices saw a short-squeeze, with prices increasing 250 percent to over $100,000 a tonne. Both metals are instrumental in EV battery manufacturing.

Meanwhile, China controls eighty percent of global annual battery production capacity, sixty percent of global graphite production, sixty five percent of nickel refining, and eighty percent of cobalt refining. This is because China’s Belt & Road Initiative has annexed more than a third of global precious metals deposits: including forty rare ore deposits in Zimbabwe, the ‘white goldrush’ of lithium under Argentinian salt-flats, and $1 trillion in lithium reserves in Afghanistan.

https://notalotofpeopleknowthat.wor...rld-banks-impractical-electric-car-clap-trap/
 
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Primavera said:
Better to do now rather than wait for the inevitable. Look at the prices of the minerals and metals needed for EVs as an example. Lithium carbonate alone has gone up 900% in less than two years.
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i completely agree. Trump had China at the table but the fuckers let COVID loose on the world
The problem is US corps ( I dont know about Britain or the EU) dont blink an eye when it comes to selling out the USA for markets/profits -whatever

we wound up importing record trade from China last year. so how the decoupling gets done is.....
 
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