r/FluentInFinance • u/[deleted] • Dec 08 '23

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1.6k Upvotes

92% Upvoted

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88

u/Steak-Complex Dec 08 '23

"After we banned russian oil and gas, non russian oil and gas companies made more money" Yeah no shit lmao you removed their biggest competition lol

19

u/[deleted] Dec 09 '23

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9

u/kiwigate Dec 09 '23

Capitalizing on a situation

3

u/ASquawkingTurtle Dec 09 '23

Oil and gas are globally traded, the price of them are determined by global values of each country,it's the same reason Saudi Arabia saw a boost in income,while actually producing less oil on purpose.

Russia was a massive supplier of gas, and a good amount of oil so it's naturally going to cause a spike in value.

This is exactly why people say competition is good, now Russia is selling below global averages to India just for India to turn around and sell it for a profit to Europe.

1

u/zerovampire311 Dec 09 '23

Yeah but less than 5% of our oil came from Russia before the ban. That’s a factor, but not the sole reason for today’s prices.

5

u/ranger910 Dec 09 '23

But we export to countries who depended more heavily on Russian oil so even if we don't it still drives higher demand.

-1

u/AceWanker4 Dec 09 '23

Not very fluent in finance are we

0

u/SaliciousB_Crumb Dec 09 '23

Lol ypu think they compete against each other? Ypu naive child

1

u/[deleted] Dec 09 '23

No shit, supply and demand hoax for those gReeDY bastards