this post was submitted on 18 Feb 2024
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A 10% decline in global oil consumption would be awesome. However to be realistic Russia consumes a lot of oil itself and sanctions do not cut out all oil exports. They certainly did not for Iran and Venezuela. Funnily enough 10% of oil consumption are US cars. So a ban of combustion engine car sales in the US would have solved that as well. With the EU and other allies joining, that would even be fast enough to actually beat new oil drilling in the US.