LARRY KUDLOW: Biden's Green New Deal radical climate obsession paid off for Putin
Larry Kudlow: Putin has profited from this
FOX Business host Larry Kudlow provides insight on U.S. oil production on ‘Kudlow.’
With all the hoopla surrounding President Joe Biden's trip to Poland and his surprise visit to Kyiv to meet with President Zelenskyy and then more bravado from Vladimir Putin, including dropping out of the SMART Nuclear Treaty with the U.S., and of course the Chinese foreign minister insulting U.S. Secretary of State Antony Blinken and then sucking up to Vladimir Putin, one issue that no one seems to be talking about for the moment is oil. So, let's talk about oil.
Joe Biden hates oil. Vladimir Putin loves oil. Xi Jinping loves Putin's oil. Remember all the sanctions from the U.S., EU, NATO, sanctioning the Russian central bank, sanctioning the Russian oil producers, bank lenders and insurance companies around the world? Remember all that? Well, guess what? Russia today is still selling roughly 10 million barrels of oil per day and that is basically what they were selling a year ago.
How is this possible, you might ask? Well, it's a good question. It may be unanswerable. Sanctions really haven't worked, but, for sure, China and India have been buying up any Russian oil production slack created by reduced European demand. That's our great friend India, remember?
I don't know what the U.S. numbers are. I sincerely hope they're way down, but here's a thought. I think it’s an important thought. With Russia still selling 10 million barrels a day and the basic ballpark oil price being $80 per barrel, that makes $800 million a day from oil sales and there's 365 days in a year, so that comes to $292 billion for the year.
PUTIN CRITIC WARNS CHINA’S INTENTION TO SUPPLY RUSSIA WITH LETHAL WEAPONS FOR WAR ‘EXTREMELY DISTURBING’