Subj : Re: Early 2022 vs. 2022 n
To   : Lee Lofaso
From : Jeff Thiele
Date : Thu Jun 02 2022 11:22:36

On 02 Jun 2022, Lee Lofaso said the following...
 LL> It is sold on the world market.

Indeed.

 LL> It is sold on the world market. Imposing sanctions on Russia
 LL> severely affects how much oil Russia can sell, as there are few
 LL> buyers willing to buy.

Which impacts the amount available on the world market...

 LL> The amount of oil the US imports from
 LL> Russia was miniscule (nonexistent now).

The amount that the US pays for oil is determined by the world market,
regardless of where that oil actually originates. The price of gasoline in
the US is likewise derived from the world market, regardless of whether the
oil used to make that gasoline originated domestically or was imported.

 LL> Do the math as to how
 LL> much that affected inflation.

See above.

Jeff.

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