The Oil and Energy Macro | Art Berman
The Oil and Energy Macro | Art Berman
U.S. oil reserves reached a new record in 2022. Crude oil and condensate proved reserves exceed 48 billion barrels (Figure 1). Reserves declined from 1969 to 2006 then increased with additions from the deepwater Gulf of Mexico and Tight Oil. Tight oil accounted for 27 billion barrels (56% of total)…
"There can be little doubt that Russia intended to permanently damage Europe’s economy." -- got it almost right. It's the US that killed two birds with one stone: attack Russia and Europe's manufacturing and industry.
whats americas incentive for attacking europes manufacturing and industry?
Eliminating a competitor, causing a long-lasting disruption of relations to Russia, China, Iran et al and causing migration of energy-intensive branches of industry to the US. Bleeding vassals via comprador administrations is the prequel to domestic self-cannibalization. Latter being arguably also already in progress.