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Some people will have an elevated position in China's new social credit America. Others will subvert them at every opportunity.
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@ILikePie5
Iran might be willing to deal if Biden allows Iran to get nukes.
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@ILikePie5
Dumb ass Biden just drove Russia into an alliance with China.
Too bad he will be likely dead by the time Americans figure out what a monumental fuckup this was.
People are not thinking clearly at all in DC. Putin already has the money right now. The time to sanction him was a year ago, not a week ago. Russia will have Chinese money, and already has most of Ukraine. What was the point of doing this except to shoot ourselves in the foot?
And now the poorest of Americans are going to have to pay for this.
Let’s see if he goes to another dictator for the oil.
Saudi doesn't give a crap, neither does Maduro. Maduro's power rests on keeping America an enemy. Saudi turned the spigot off long before Biden could find it on the map in the hopes Biden would destroy USA fracking.
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@ILikePie5
Chinese refiners are paying for Russian crude oil using cash transfers to maintain imports from Russia’s Fast East, as banks shy away from financing the oil because of sanctions, sources with knowledge of the matter said.
Global oil prices LCOc1 have soared to their highest in a decade as banks halted financing Russian oil after the United States and other countries ramped up sanctions on Moscow following its invasion of Ukraine.
Spot crude premiums and freight rates also spiked, piling on buyers’ costs.
Several European and U.S. refiners have stopped buying Russian oil this week, even though Washington said Russian oil and gas are exempted from sanctions.
But Chinese buyers are looking to maintain purchases of ESPO Blend crude exported from Russia’s Far East Kozmino port using other payment methods as they cannot secure letters of credit from banks, trade sources said.
“For those done deals, payments are being sorted out with buyers doing Telegraphic Transfer as bank financing becomes very difficult,” said a Singapore-based Chinese trading executive.
Telegraphic transfer, equivalent to cash pre-payment, requires buyers to transfer funds to sellers up front, a challenge for some cash-strapped independent refiners with each Aframax tanker-sized cargo now costing more than $85 million, the sources said.
Some sellers are providing open credit, but this raises their risk exposure, they added.
Sources said the cash settlements still need to go through the SWIFT messaging system to Russian banks which are not on the U.S. sanction list, said two trading executives with knowledge of the situation.
ESPO blend is popular among China’s independent refiners because of its short voyage time from Russia, availability on a spot basis, and good fuel yield.
Russia is the world’s No. 2 crude exporter, with exports reaching 7.8 million barrels per day in December, the International Energy Agency said.
Last year China imported 575,000 barrels per day of ESPO shipped by tankers, some 6% of total Chinese crude oil imports, with the majority processed by independent refiners, according to tanker tracker Vortexa Analytics.
State refining major Sinopec 0386.HK is a key buyer and trader of seaborne ESPO.
Sinopec’s trading vehicle Unipec, which rivals Vitol as the world’s top oil trader, typically has large open credit lines with suppliers that allow the major to pay a month after a shipment is loaded.
Unipec has bought as many as eight ESPO cargoes for April loading, traders said.
Sinopec did not immediately comment on how the firm pays for its purchases.
One independent refiner who buys ESPO crude said the company can only use telegraphic transfer (TT) to pay for the oil, and that financing costs are now high because oil prices have surged and there is no longer a credit period for repayment.
“We can only use TT for now,” the buyer said. “Previously with LCs, we had a credit period of 30 days. But now we have to pay up front.”
“Refining margins are poor, too,” the source added.
With oil near $120 a barrel, allowing teapots to pay after oil is delivered magnifies risk exposure for a trading company.
Sellers may well ask refiners to provide cash or part of the cargo as collateral, traders said.
“Whichever way, we believe China’s ESPO influx will continue as teapots don’t have many other options, as prices of competing supplies like West African oil went sky-high,” said a second Singapore-based executive with an independent refiner.
Spot premiums of West African and Brazilian crude for May delivery jumped to $9-$10 a barrel above dated Brent this week in volatile trade, a buyer said.
Adding to refiners’ costs are surging freight rates, which have nearly doubled over the week to $900,000 per day for an Aframax tanker sailing from Russia’s Kozmino port to north China, the highest since May 2020, according to traders and Refinitiv data.
China separately buys 800,000 bpd of Russian oil via pipelines under a government-to-government deal between state energy giant CNPC and Russian oil major Rosneft. The pipeline flows remained unaffected, Chinese oil officials have said.
China has repeatedly voiced opposition to the sanctions, calling them ineffective and insisting it will maintain normal economic and trade exchanges with Russia.
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@bmdrocks21
I guess we will see if Biden's "war on oil" gives him the boost his ratings so desperately needs.
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He warned that Americans will see rising gas prices, saying, “Defending freedom is going to cost.”
More like defending Biden is going to cost....
America should be trying to become as self-sufficient as possible. Turning from one bad country like Russia and asking Iran or Venezuela for help is an embarrassment. Guess Freedom from Iranian terrorists or brutal Venezuelan dictatorships are not worth the "price of freedom"
Americans are sick and tired of diaper-men in DC telling them what to care about,
Guess Biden had a good run.
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Let's get rid of our drug dealers and kick our oil habit for good, shall we?
And replace it with Chinese rare earth dependency? GTFO.
We can make our own supplies without being global slaves.
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@TheUnderdog
That would mean approving Keystone for the working class Americans.
We have to eliminate the American oligarchs first to do that.
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@FLRW
Can't wait for 4 more years of DeSantis derangement syndrome.
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China isn't going to do anything other than annex Taiwan while the world is distracted.
As usual in foreign Diplomacy. Ignore everything that is said and follow the actions.
Biden is having one hell of a doozy of a year of failures.
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@3RU7AL
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War is good for business, unless you are in the business of making money.
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In 2021, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.
I was looking at the yearly tally for both, sorry.
But what's a few million barrels between friends of Putin like you, me and Joe Biden?
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I am not a fan of Nancy Pelosi's politics. I am not sure what you want me to defend, she is one of the least left-leaning Dems in history.
Like her or not, her politics are the reason California is currently a caste state with ultra rich and the ultra poor.
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In all nations where a liberal and progressive left-wing party got actual leeway to act...
That's not a real defense of Pelosi's SALT bullshit. How about defending reality instead of hypotheticals for a change?
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wealthy people get the hell out of the Republican states, generally speaking and go for either centrist or left-leaning states where the standard of living is more decent.
Bullshit. The wealthy go where they get screwed the least and where the politicians stay bought.
Florida is way nicer to live in than Chicago or New York.
Why don't you try and defend Pelosi's SALT bullshit?
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Compared to what? How rednecks that struggle with those same struggles are treated by the rich and authorities in right-wing States?
As bad as those states are, they don't have nearly the level of wealth inequality as the one party states run by the left party monopolies.
The poor in Red States at least don't have to worry about being supplied with tents and crack pipes from Biden and Pelosi.
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A state leadership can only do so much with a Republican Congress ensuring America stays serving the rich.
That is utter bullshit. One party states like California and New York have had 50 years to tax the rich with State taxes, and yet they instead pass tax evasion for the rich like SALT deductions only when the far left is in control of Congress.
Is that what you mean by "only so much?"
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Stalin wasn't a fascist. You can be on any wing to decide to imprison your political opposition. Any wing will do when your wing has the power to get away with it.
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...unbelievable rates of poverty, crime, depravation, and suicide.For me, it's the left wing.
You obviously either don't live in a one party state like New York or California, or you willfully choose to ignore the effects of bad policy there.
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@ILikePie5
You have a lot of patience for Dunning-Kruger Biden sycophants.
You should read the defenses from these little political soldiers on Biden's Oil policy. Hilariously out of touch with reality.
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Here's another hypothetical.
"One day Biden will stop buying Russian Oil."
Absolutely pathologically hypothetical.
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@Double_R
Here’s a good reason which Trump’s own hand picked National security advisor posits…bla bla from Bolton...
"John Bolton is only happy when America is at war. President Trump led America into one of the most peaceful times in U.S. history, which included growing investment into NATO by $50 billion,"
"John Bolton is just mad he was fired before it could be spent."
-TheOrangeman
It's so funny and predictable that all the evidence presented from TDS mouth breathers to validate themselves are all in the form of hypotheticals in lieu of factual outcomes. It's also pathetic.
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@TheUnderdog
How? Not all goods are Russian.
Because we Americans buy 600 million barrels of oil a day from Russia. Trucks need fuel to stock shelves with goods.
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@TheUnderdog
Everyone that drives a car or buys food shipped from a Truck supports Russia, whether they admit it or not.
The majority of people that want us to stay out of the conflict are likely under the delusion that American apathy does not benefit Putin in the conflict.
America is doing exactly what Putin wants right now.
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Not for long
Artificially inflated oil prices ensures Putin will sell every drop at a discount. The only way to stop it is with Biden mandating a government seizure of cars and Trucks.
@BareShelvesBiden
Come to find out, destroying domestic oil production in a global market was an absolutely retarded move by the DC central planners.
I'll chalk this one up to incompetence over malice toward the common working American.
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Looks like Biden is on board with a big bipartisanship push to reject all oil from that evil tyrant.
Lol, no he isn't He knows what 10 Dollar a gallon gas would do. It's not just foaming OMGOP retards that drive cars or buy stuff shipped on Diesel trucks.
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perhaps it is a deeper conspiracy.
The only conspiracy was what was proven in the Durham report. It's now a historical fact Putin used Russian misinformation to help Hillary destroy her political opponent by giving her the fake Steele Dossier.
Putin has his puppet in office now. There will be no more further resistance or complaints from the mob.
Now, go do your part for the State and buy Russian Oil. I heard it is dyed Red with the blood of Trump supporters.
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Putin sympathisers bla bla...
Nobody in America gives a shit really.
If it took the fall of Ukraine to get rid of Trump, that was a sacrifice Americans were willing to make.
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Oil is now 135 dollars a barrel. America is still buying Putin oil.
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@ILikePie5
Lmaoooo, you accuse me of vote bombing, essentially implying that I didn’t win based on my merits. Stop being salty and be a man. Admit I won fair and square
Lol, a liberal never loses. He just deflects.
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@triangle.128k
When I see Americans cringing over Russian war, it reminds me of Leonard and the Donut scene in Full Metal Jacket.
Americans bankrolled the Russian bombs with millions of barrels of Russian crude oil. That's America's Donut. The Ukrainians paid for it. We eat it.
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@FLRW
I have Biden Tshirts. More Biden means more Russian fuel for my car.
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And what happens in Russia for you to be supporting it in this war?
I support Russia because they provide fuel for my car when leaders in the USA refuse to do so.
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equal to what Canada has done to the truckers in terms of proportional punishment vs action?
The standard has already been set with Jan 6. Political misdemeanors can never qualify for bail or due process. Assumed guilty before proven innocent.
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@zedvictor4
Eh, they might be LARPING too.
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@triangle.128k
Let's hope Putin can eliminate these right wing extremists.
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@3RU7AL
MLK joins the long list of people imprisoned for political protesting.
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@zedvictor4
not sure how you interpret mean tweets with oil dependency.
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@zedvictor4
If that's what it takes to bring back the dead Ukrainians, maybe Biden should do some mean tweets?
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@Athias
In 2021, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.
This represented three percent of US crude oil imports and one percent of the total crude oil processed by US refineries.
That means every gallon of 4 dollar gas sends 12 cents to Putin's pocket. 10 gallons is $1.20
That means every time these virtue signalers fill up their tank, they paid for a bullet to kill a Ukrainian. The epitome of insincere support bordering on delusion.
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@Athias
[I know I'm being a dick. But, these profile pics are truly appalling.]
Mine is complete satire.
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@3RU7AL
PROTESTER = TERRORIST
Since the far left radical fascists define speech as violence, you are correct.
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@zedvictor4
I wouldn't be so immediately impractical.
You're probably too old to care about virtue signaling then.
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@zedvictor4
Exaggeration, misrepresentation and propaganda, parrot fashion.
Have you siphoned out your gas and dumped it out?
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“So I think that there were people around the world who were fed up with COVID, who were upset and saw the demonstrations against COVID (mandates) and I believe that they just wanted to support the cause.”
“It was … their own money, so it wasn’t money that funded terrorism, or that was in any way money-laundering.”
“It was … their own money, so it wasn’t money that funded terrorism, or that was in any way money-laundering.”
-Barry MacKillop
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(A) We don’t have a full understanding of Putin’s reasons for acting now as opposed to before
Who is this "we" you speak of? Most of the world knows exactly why Putin decided to invade right now.
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