Obviously West's "hands are tied". This is not about some BS hedge fund or Wall Street virtual economy. This is as real as it gets.
In the meantime, many energy industry executives have lost faith in the Biden Administration’s energy agenda. At a recent industry conference, the CEO of one large upstream company referred to the Biden administration as being “energy ignorant.” Another CEO admitted that their company has “no relationship at all” with anyone in the administration. Another told me during a recent interview that they found it “impossible” to even get a meeting with relevant officials at the Department of Interior or DOE. How can any government official really understand an industry they refuse to have a conversation with? The decision by Russian President Vladimir Putin Thursday to launch a full-scale invasion of Ukraine complicates matters even further. Markets panicked at the news, causing crude prices to jump 8% over night, with the international Brent price topping $105 per barrel and the U.S. domestic West Texas Intermediate index hitting the $100 mark.
This is just the warm up. Biden's Admin is not just "energy ignorant". US "elites" as a whole are ignorant pretty much of any matter which defines appropriate governance, from foreign policy, to military and war, to economy, to education--you name it. When uneducated ideologues get to power this is what you get. But then again, I am on the issue of Western "elites" for so long that I even wrote three books on that. One needs competent people with integrity in political class to offset corruption and ignorance. For now this is not the case, most people with competence, integrity and vision have been purged. The results are obvious and easy to see.