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IPFS News Link • Oil

The Real Reason Behind The EU's Drive To Embargo Russian Oil

• https://www.zerohedge.com by Tom Luongo

Assuming Hungary's objections are eventually overcome, at first blush this looks like yet another energy "own goal" by the people obsessed with soccer. The U.S. has already issued this ban.

Because European industry is heavily dependent on Russian oil and gas, the conventional wisdom is that the EU Commission is just petulant and incompetent.

Are they petulant? Yes. Incompetent? Possibly? But only if you think in conventional terms of doing the right thing for their people. What is clear to any serious observer of EU politics is that they are not interested in what their people have to say or want.

Theirs is an agenda which will brook no opposition, even if it means destroying its own economy to bring a rival to its knees.

That said, I sincerely doubt there will be a "buyers embargo" on natural gas because there is no viable substitute for it.


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