Slashing consumption to deprive Russia of vital energy revenue is the right idea, but his math is way, way off. Just looking at oil, let's say roughly half of oil use is driving, half of driving is >60 mph highway and 10 mph saves 12% (see Consumer Reports
real world testing). That's a 3% oil reduction. Europe needs a 35% reduction, from 14m bpd down to 9. So..... a bit short.
If the US and Canada also sacrifice instead of just flapping our gums it's a 14% reduction, from 36m bpd down to 31. That's doable, but still far more than 10 mph provides.
Who else can pitch in? Forget OPEC. They enjoy $100 oil and need a working relationship with Putin. So even if we abandon VZ/Iran sanctions, Saudi Arabia and crew will reduce output to hold total OPEC supply constant. China won't help, except temporarily via Zero Covid. Japan, South Korea, etc. might make rounding error contributions.
So it's all on the west to reduce 14%/5m bpd. We could fill 2m bpd of that gap from strategic reserves while we ramp production 2m bpd, but we still need a 3m bpd cut from today's levels instead of the forecasted ~1m bpd growth. And we can't do that on the commercial side (planes, ships, trucks, etc.) without breaking the economy, so consumers need to cut ~20% from planned levels.
20% is Covid-level reduction. Massive work-from-home, carpooling, biking/walking, altered vacation plans, etc. Wartime rationing is the only way. Are we willing to sacrifice for Ukraine?
Politicians and leaders like Branson think the answer is no. That's why they keep spinning fairy tales.
ready
