Politcal crazyness !This is starting to get ugly boys!
As was posted earlier it is also my opinion this whole oil situation is now turning into a huge political fight. And no you won't hear about it in the news, because politicians In the know have to make this situation seem like something it isn't.
Anyone here old enough to remember the oil embargo of the 70's and how it was resolved and has keep abreast of current sanctions against Russia should be able to understand this.
You can only buy oil in U.S. Dollars if you want to buy oil from the worlds largest producer.
The west has banded together (at great cost to themselves) to get Russia to pull out of the Ukraine.
Most of the sanctions have had little effect on Russia.
But cut off one their major sources of foreign currency and now you have Russia's attention! And boy is Russia reacting to this situation!! So the west is finally putting some meaningful hurt on Russia.
What will happen? Damned if I know. All I know is oil is being used as a weapon of sorts.
So so throw out all the oil fundamentals of supply/demand and concentrate on companies with the best balance sheet and lowest cost production. As we are all along for the ride and the ride is going to be bumpy before it stops.
I would be willing to bet if Russia pulled out of the Ukraine you would see the price of oil climb quickly. Until then watch the Sparks fly!
Or I could be full of -rap and all this is just normal business.