Ones and Tooze How Rising Oil Prices Will Change the World as We Know It
Mar 11, 2022
Oil prices have skyrocketed to $130 a barrel, prompting discussions about soaring gas costs and geopolitical tensions. The war in Ukraine plays a pivotal role in this economic upheaval, with implications for inflation and climate policies. Meanwhile, New Yorkers are making headlines by placing a record $2 billion in legal sports bets, showcasing the exciting yet complex world of gambling. The conversation dives into the mathematical strategies of sportsbooks and the transformative stories of those who have turned gambling wins into thriving businesses.
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Russia's Energy Revenue
- Russia's oil revenue isn't rising due to market losses and discounts, despite price increases.
- However, surging gas prices offset oil losses, potentially earning Russia $720 million daily.
Oil Supply and Geopolitics
- Saudi Arabia is key to increasing oil supply, but US-Saudi relations are strained.
- There are diplomatic talks with Venezuela to increase oil production, despite environmental concerns.
Oil Prices and Inflation
- Increased oil prices contribute to inflation through cost effects and potential central bank accommodation.
- Modern societies may avoid 1970s-style inflation due to weaker unions and less wage indexation.