HomeMediaLatest NewsThe American-style blackout: no electricity, no fuel - everything went into renewable energy

The American-style blackout: no electricity, no fuel - everything went into renewable energy

11 June 2022

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Aleksey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Baltnews about the possibility of the US abandoning the earlier embargo on Russian oil in exchange for setting marginal purchase prices for it.

Alexey Belogoryev said that the United States may create a duty mechanism specifically for Russian oil or set a ceiling price. But both are in bad agreement with the rules of the WTO. To implement such a plan, emergency mechanisms are needed. Such ideas are also discussed in the EU, but there is no solution, because it is difficult to implement.

Alexey Belogoryev believes that the only way that will allow the United States to implement its plan is to bring down the price of "black gold" around the world. Then the Russian Federation will really suffer serious losses. To do this, the US will have to negotiate with Saudi Arabia or lift sanctions on Iran. Biden is already preparing for a meeting with Prince Al Saud (for which there are not many hopes). Agreements on Iran are being delayed until autumn, that is, until the US elections. Such a deal could have a positive effect if it succeeds in lowering oil prices, but at the same time provides ground for criticism of the Democrats.

"In any case, the mechanism that was discussed in the United States involves an attempt to reduce world oil prices, since Russian companies will not simply supply black gold to America at a reduced cost. Perhaps if Russia has some oil left, which cannot be built in the Asian or Latin American market, then it can be sold in the United States at a low price," the energy expert concluded.

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