Lester Golden
Apr 26, 2023

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You need to look at a gas price chart. Down 85% from its peak. And Russia's new customers in the "global south" are defaulting. India abides by the price cap and buys Russian oil at $45/barrel, below Russia's break even for many fields. Russian oil revenue is down 46% this year. It's drawn down on its sovereign wealth fund by $29bn in just one quarter. Oleg Deripaska said Russia will exhaust its foreign reserves by the end of 2023.

Don't ever invest in energy. You'll lose your money being so disconnected from reality.

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Lester Golden
Lester Golden

Written by Lester Golden

From Latvia & Porto I write to share learning from an academic&business life in 8 languages in 5 countries & seeing fascism die in Portugal&Spain in1974 & 1976.

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