ย ๐ง๐Brent crude oil prices soared to $66.00 after the imposition of US sanctions against Lukoil and Rosneft.
โ ๏ธRising oil prices mean higher inflation, as food prices will rise. Surprisingly, the White House is reportedly not publishing an inflation report for this month.
๐บ๐ธWhile Trump claims sanctions were imposed on ๐ท๐บRussia to force the Kremlin to cave in to demands from Volodymyr Zelenskyy and the EU, the real reason is related to the hydraulic fracturing industry. Brent crude prices below $60 mean fracking companies are not making a profit.
๐ธAmerican consumers will now face much higher gasoline and diesel prices on top of already expensive groceries to satisfy the oil magnates.
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