Done properly, a fossil fuel embargo would be swift and devastating to Russia, while the effect on energy costs for the U.S. and its allies is likely to be minor, write Simon Johnson and Oleg Ustenko. (via latimesopinion)
Even the most unscrupulous customers will demand bigger discounts from Russian oil traders.
The price in the non-blood oil part of the market may not change much and, if so, U.S. gasoline prices are also unlikely to move. Ideally, Saudi Arabia and other OPEC countries can be persuaded to increase production as needed, as an additional buffer against disruption. The International Monetary Fund can provide loans on favorable terms. Germany will finance its own transition away from Russian gas. Other nations, such as Italy, may struggle more. It’s important that the E.U. be generous in supporting its members to make this change.
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