US extends Russian oil waiver amid global energy crisis. America's sanctions strategy on Russian crude appears counterproductive as the Strait of Hormuz remains closed and energy shortages persist globally. Despite US claims of energy independence, domestic petrol prices have surged since February, demonstrating how market constraints backfire. India continues purchasing Russian oil based on commercial considerations, unaffected by third-party restrictions. Economists argue that geopolitical tools limiting overall supply undermine everyone's interests, including America's own. With hydrocarbon shortages representing significant global risk, allowing oil to flow freely serves the world economy better than sanctions that artificially constrain supply and drive up prices for consumers everywhere.
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