Boycott – BRICS – SPR - Currency - Mineral Royalties

I remember as a young man going to the gas station with my dad. We were parked in the road waiting in line to fill up the car with gas because of an oil embargo in the 1970’s which caused a severe shortage of gasoline.

Today, an alliance of countries known as BRICS, which includes Brazil, Russia, India, China, and South Africa, is trading oil in yen instead of the petrodollar.

The United States currently refines around 15.8 million barrels of crude oil per day, but only produces about 12.3 million barrels a day, leaving a shortage of 3.5 million barrels a day with total reserves about 470 million barrels.

The Strategic Petroleum Reserve, which is used to supplement domestic oil supplies during emergencies, like the embargo in the 70’s which is why the SPR was started in 1975, is currently at its lowest level since 1984.

And there is a lot more information we could add to this picture. Here is the point, if there were to be an OPEC+ boycott of oil to the United States, it could result in dire consequences like the price of oil going up.

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https://en.wikipedia.org/wiki/1973_oil_crisis

https://en.wikipedia.org/wiki/BRICS

https://www.forbes.com/sites/greatspeculations/2023/03/27/petrodollar-dusk-petroyuan-dawn-what-investors-need-to-know/?sh=15aee86c55aa

https://www.eia.gov/petroleum/weekly/crude.php

https://www.forbes.com/sites/rrapier/2022/09/07/the-strategic-petroleum-reserve-is-at-its-lowest-level-since-1984/?sh=4fe0a14a77c7

https://www.macrotrends.net/1369/crude-oil-price-history-chart

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