Europe’s Self Inflicted Oil Crisis And The Saudis Last Laugh With U.S.

Europe’s Self Inflicted Oil Crisis And The Saudis Last Laugh With U.S.

President Joe Biden being welcomed by Saudi Arabian Crown Prince Mohammed bin Salman at Alsalam ... [+] Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. (Photo by Royal Court of Saudi Arabia / Handout/Anadolu Agency via Getty Images) Oil producers are in the pole position. Europe increasingly looks like a 120-pound weakling that can't keep the lights on. And the U. S., producing a steady stream of oil and gas these days and getting some inflation relief at the gas station, may have sold Raytheon missiles for oil. Europe is currently known for two things at the moment: farmer protests and shooting itself in the foot to create its home-grown energy crisis. Saudi Arabia and Russia are laughing all the way to the bank, as it were. For example, on Tuesday, Saudi Aramco reported net income nearly doubling, up 90% in the second quarter versus the same period a year ago. All of this is thanks to the European Union banning Russian oil and gas, creating a fiasco for oil and gas traders and insurers who are not interested in getting fined for breaching sanctions. Climate-obsessed states like Germany were even considering using coal to keep the lights