It is also affecting the global financial system as US sanctions bring into question dependence on the US with respect to finance, e.g., the safety of the USD as a safe asset for other countries. Thi is already leading to de-dollarization and alternative payments systems, as well as more trade in national currencies instead of usual reserve currencies, the USD and the euro.
The post-WWII Pax Americana is fraying.
City AM
https://oilprice.com/Alternative-Energy/Renewable-Energy/Russias-War-Highlights-The-Dangers-Of-Resource-Dependence.html
Overall, Canada is a winner, with oil + potash prices surging.
ReplyDelete"It's an ill wind that blows nobody any good." —old saying
ReplyDeleteHere in Alberta, they were discussing introducing a provincial sales tax to get out of deficit. Then this happened:
Alberta budget back in the black as oil prices drive $500M surplus
Finance Minister Chrystia Freeland is happy too, as the latest federal budget shows.
Higher oil prices give Chrystia Freeland more room to spend in April budget
Also, Manchin is coming to Alberta.
U.S. Senator Manchin coming to Alberta to discuss energy security
U.S. Senator Joe Manchin, who has called on the White House to revive the Keystone XL pipeline, is set to visit Alberta next week to discuss energy security with Premier Jason Kenney.
The premier's office said Friday that Manchin, chair of the U.S. Senate committee on energy and natural resources, will be in the province April 11-12 to learn about its energy sector and to discuss North American energy security.
Also, they're called "oil sands" and not "tar sands". Call them "tar sands" again, and you can talk to the hand. Unless of course you plan on regime changing us, in which case you can call them anything you want.
I take my multi-bitumens everyday.
ReplyDelete