When Russia says goodbye to oil, its all over for that industry.

[Xolodno]

Putin seeks to rein in 'rainy-day fund' spending as energy transition looms

Darya Korsunskaya
Fri, October 1, 2021, 3:32 AM

MOSCOW (Reuters) - President Vladimir Putin ordered the Russian government to look at curtailing spending from the state rainy-day fund on Friday, after the finance ministry said the global shift away from oil and gas could jeopardise Russian state finances within a decade.

Russia now has around $190 billion in its National Wealth Fund, around $115 billion of which, or 7.3% of GDP, is liquid assets raised mainly from selling oil and gas.

https://www.yahoo.com/news/putin-seeks-rein-rainy-day-103213858.html
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[TheRealNorth]

1. Meanwhile, Republicans are busy figuring out ways to force us to use oil and gas

[OAITW r.2.0]

2. Republicans are just the US franchise of Big Oil's reach.

Other countries are more directly bought.

[Klaralven]

3. Back in the day, the global oil industry was controlled by mostly US companies.

Marathon, Sohio, ESSO, Mobil, Chevron, Amoco, Unocal, Humble, Texaco

And British Petroleum with Royal Dutch Shell.

Republicans are nostalgic.

[Xolodno]

4. Indeed it was.

Which is why we have the mess with Iran. Russia has always been sitting on a treasure trove of resources, but the incompetence of the communist government, its disconnection to world markets, etc. kept them out of the equation until the fall of the Soviet Union.

But with oil producing gulf nations sprinting to a tourist based economy and Russia doubling down on automotive, aerospace, defense and natural gas exports, writing is on the wall.

[Klaralven]

5. I'm not sure how we let the Saudi's take over our assets there during the '70s.

Probably had something to do with being nice to Israel, or at least not being belligerent to Israel.

We became quite petulant when the Iranians and Venezuelans nationalized their oil operations.

[Shanti Shanti Shanti]

6. Its OK, they have vast reserves of "clean coal" to supply them energy for 1000 years