Electric vehicles won’t save us from high gas prices
The prospect of U.S. President Joe Biden appealing to Venezuela, Iran and Saudi Arabia to ramp up oil production to replace newly banned Russian crude imports is more than a bit ironic.
That is on top of continuing calls by Mr. Biden for Saudi Arabia to increase oil production as the average U.S. price at the pump hit a record ofIt may seem incongruous for Mr. Biden to be turning to three effective dictatorships to limit the political damage he faces at home from soaring gas prices. But such is his desperation, with inflated oil prices threatening to push the global economy into recession and American voters poised to take it out on Democrats in fall midterm elections.
On Tuesday, the prospect of Russian nickel being blocked from the world market sent the price for that metal to a mind-numbing level of more than US$100,000 a tonne – or twice Monday’s closing price – leading the London Metals Exchange to suspend trading in nickel contracts.
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