December 9, 2014

Will: U.S. Oil Weakens Putin’s Russia

Fox News analyst George Will offered this insight into Russia and the effect U.S. oil production is having on our geopolitical adversary: “[Vladimir] Putin’s truculence varies inversely with the strength of his position, and he is very truculent these days because his position is suffering terrific economic damage. Ohio and North Dakota and other places like that – they are producing this geyser of oil that is supplanting Russia as the number one producer of petroleum products. The banking restrictions we put on Russia are having an effect but, what this is demonstrating to the world is that Russia is a third-world economy with first-world missiles. There is no consumer product except vodka and caviar you buy from that country – they make nothing. They have a hunter-gatherer economy, which is to say they are primitives. … It’s a simple extraction economy and it’s extremely vulnerable therefore to the sway of one price – the price of oil, and it’s just devastating [Putin’s] position.”

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