I don't mean to frighten you, but at least one Wall Street bank believes that we're looking at the possibility of oil reaching $380 per barrel. The bank isn't wrong... President Biden recently proposed to the G7 leaders that they should place a price cap on Russian oil to cut Russia's oil revenue stream and reduce the country's ability to fund its invasion of Ukraine. But this move could backfire. Russian President Vladimir Putin could retaliate by cutting off Russian oil exports to much of the global market. If you take any significant percentage of Russian oil out of the global market, oil prices will skyrocket. There's simply no replacement for Russian oil. Here's what you can do in case such a situation arises... |
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