As the United States and the United Kingdom announce bans on Russian energy products, Russia is considering a ban of its own.
“We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Russian Deputy Prime Minister Alexander Novak said Monday. “So far, we are not taking such a decision.”
Nord Stream 1 shuttles natural gas from Russia underneath the Baltic Sea to Germany. Nord Stream 2 follows the same route but Germany is holding off certification due to Russia’s attack on Ukraine.
Russia’s announcement comes as both the U.K. and U.S. are about to officially announce bans on Russian oil.
“The surge in prices would be unpredictable. It would be $300 per barrel if not more,” Novak said in response to the proposed bans.
Energy analysts predict that while Novak’s $300 per barrel number isn’t likely, $180 per barrel is and that could lead to gas prices well above $6 per gallon and massive price hikes on… everything.
50% of crude oil is turned into non-fuel products such as fertilizer, rubber, plastics, and ingredients in everything from medicine to hand lotion. As all those products also have to be transported by truck, train or plane, those costs will skyrocket as well.
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