Will High Oil Prices Be The Last Straw For A Global Economy?
Above is an oil refinery in Germany, that gets oil from a Russian Pipeline (WSJ) As of April 28th, 2022, Germany, one of the most influential and powerful members of the European Union said that it would agree to a ban on Russian oil. This comes only a few months after the nation said that would be impossible to cut off its reliance on Russian oil. They believe that they can ban Russian oil if they are given enough time to acquire oil from elsewhere. Oil reliance from Russia in the nation used to be much higher, at 35% percent, where today it lies at around 12%. EU Russian oil use is around 27% of all oil. Ultimately if the EU goes forward with this ban it will make oil and gas prices skyrocket all over the world, showing that a decision in today's worl...