The United States, under Trump, MAGA, and the fossil fuel oligarchs, has chosen to separate from the energy transition that the rest of the world is pursuing, and which will be dominating in the new century. We are already seeing the sad results unfold, particularly in the US auto industry.
But what might be the world’s purest Petro-power, Russia, following its own vision of warlike “energy dominance” based on hydrocarbons, has put itself in position to fall, further, faster, than just about anyone else.
Watch this space.
Dozens of tankers filled with Russian oil are floating at sea without buyers. Western powers are seizing the aging ships the country relies upon. Buyers of Russian oil are demanding the steepest discount to global oil prices since the early months of the war in Ukraine.
It all spells crunchtime from Moscow’s most important economic engine.
The West has tried to squeeze Russia’s oil industry since President Vladimir Putininvaded Ukraine in 2022. Russia successfully evaded sanctions, rebuilt its own shadow shipping fleet and found new buyers for its crude.
But a fresh wave of pressure, a combination of European sanctions against specific ships, dramatic military ship seizures on the high seas, and President Trump’s efforts to put a wedge between Russia and India, have left Moscow’s most important industry in a precarious state.
Russia’s main grade of crude, known as Urals, trades for around $45 a barrel, a record $27 below the international benchmark Brent, according to commodities-data firm Argus Media
Continue reading “Russia Will be the First Petro State to Crash. US Not Far Behind.”


