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Line 175:
Line 175: − Crude Oil Price Cap
→Crude oil
Europe, on the other hand, needs more gasoline than in the past, as sales of petrol-powered cars have surpassed 70% of total automobile sales in some EU countries. And Europe must find markets for the excess diesel produced by their heavy-crude refineries.
Europe, on the other hand, needs more gasoline than in the past, as sales of petrol-powered cars have surpassed 70% of total automobile sales in some EU countries. And Europe must find markets for the excess diesel produced by their heavy-crude refineries.
In addition to this destabilizing trend that started in the 2010s, a further upheaval arrived in 2022 with discussions to ban Russian crude in the EU because of the “war” in Ukraine. Some EU countries objected to a ban because they are landlocked and rely on pipeline deliveries, thus they do not have logistical alternatives. Others objected to an outright ban because of the fear of skyrocketing crude prices worldwide, and fears of the effect that would have on world economies.
In addition to this destabilizing trend that started in the 2010s, a further upheaval arrived in 2022 with discussions to ban Russian crude in the EU because of the “war” in Ukraine. Some EU countries objected to a ban because they are landlocked and rely on pipeline deliveries, thus they do not have logistical alternatives. Others objected to an outright ban because of the fear of skyrocketing crude prices worldwide, and fears of the effect that would have on world economies.