It is Better to Cap Than to Cut Off

As reported from Reuters, about 35 countries imposed a price cap on Russian Crude. The price is currently set at $60 per barrel which is to be high enough that Russia will keep producing but low enough that they won’t end up with a big surplus of money to fund their war.
https://reut.rs/3VGrOdg

Why are we trying to impose all these rules and regulations for a price cap?
Why not just quit buying their oil?

The world economy needs crude oil and a whole lot of it. We can't just stop buying Russia oil. The worlds production to consumption ratio is so tight that a 1-2% change is a big deal. Russia is one of the Top 5 producing countries in the world with about 10% of the global output. We can just quit buying their oil.
https://bit.ly/2T8omqL

Thank you for watching.

#recession #inflation #stagflation #hyperinflation #energy

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