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Anti-Fossil Madness Funds Putin's Ukraine Aggression

Energy dependence has unintended consequences.

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President Ronald Reagan would never have allowed a policy that unilaterally disarms us against adversaries. He would be shocked at what the Left has done to embolden Russia in the Ukraine conflict.

In the last five years, the Left's war against fossil fuels, punctuated by claims of impending climate disaster as articulated by shrill Green New Deal propagandists, has indirectly played into Russia's hands. Oil production has plummeted, triggered by drops in U.S. field output, and as world economies recover, prices have steadily risen.

Russia produces about 3.65 billion barrels of crude oil per year. The West Texas Intermediate (WTI) benchmark was $53 per barrel when President Biden was inaugurated. Oil prices have since steadily increased, almost in a straight line, to end at around $99 per barrel this week, averaging $76 per barrel over the last 12 months. Since President Biden's inauguration, a $23 increase in oil price has translated to nearly $84 billion in extra cash for Russia, cash that is all profit, being marginal revenue over the cost of production. The new money has fueled President Putin's confidence and resolve in engaging in war games around Ukraine.

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