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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (120744)	2/27/2022 4:22:05 AM
From: Goose94	Read Replies (1) \| Respond to of 203382

Crude Oil: retreated as the U.S. government reiterated that it will not retaliate against Russia's invasion of Ukraine by imposing sanctions on Russia's energy imports. "The sanctions will not target the oil flows as we go forward," State Department senior energy adviser Amos Hochstein said today on Bloomberg Television. The concern -- shared by other Western governments as well -- is that such sanctions would drive up fuel prices for American and European consumers without necessarily harming Russia, as it could continue to sell energy to China and possibly even benefit from a sanction-driven price spike. "Perhaps he [Russian President Vladimir Putin] would sell only half his product, but for double the price. That means he would not suffer the consequences, while the United States and our allies would suffer the consequences," said Mr. Hochstein. Russia was also top of mind at the International Energy Agency (IEA), which convened a meeting today of its 31 member countries (which do not include Russia). "The Russian invasion has increased concerns among oil market participants against the backdrop of already tight global markets and heightened price volatility," said IEA executive director Fatih Birol in a statement. He urged countries to "act in solidarity to ensure global energy security," and also briefly referenced "options the IEA could take over the coming days and weeks," but did not go into detail on either front. Here in Canada, the mood in some circles was very different. Legislators in Alberta were all smiles yesterday afternoon, after Finance Minister Travis Toews said the province is expecting its first budget surplus in eight years. "In [the fiscal year beginning April 1] 2022, Alberta's economy will fully recover from the contraction that first started in 2014, and we will lead the nation in economic growth," said Mr. Toews. He is forecasting a surplus of $500-million for the year. By comparison, only one year ago, Mr. Toews was forecasting a deficit for 2021/2022 of $18.2-billion. The actual deficit came in at just $3.2-billion, thanks to rising oil prices. Business Reporter