. That's because Russia is the No. 2 oil producer on the planet, behind only the United States. And Ukraine is a key energy transit hub, where a large amount of Russian natural gas exports to Europe flow through.An invasion of Ukraine would trigger immediate fears of sanctions from Washington on Russia's vast energy resources, damage to the region's energy infrastructure and raise the specter of Vladimir Putin weaponizing exports of natural gas and crude oil.
Oil prices will surge to $100 this year, Goldman Sachs warnsRussia ships relatively modest amounts of oil to the United States, totaling just 200,000 barrels per day as of October. That represents just 3% of total US oil imports of 6 million barrels. However, crude is a globally traded commodity and prices at the pump are based off world oil prices. An oil shock anywhere is felt everywhere. Not just that, but a spike in natural gas prices overseas would have significant ripple effects.
People will be killed on both sides but CNN thinks the real crime is that we will 'pay the price at the pump.'
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