Economist Dr. Elliot offers insight on Russian oil output

Dr. Elliot Eisenberg, the bowtie economist who provided a memorable presentation at the 2021 Powersports Business Accelerate Conference in Atlanta, has tweeted his latest insight into Russian oil output and how it affects inflation and GDP.

“Russia currently produces 10 million/bbl of oil/day, about 10% of world production, making it the world’s third largest producer and the second largest exporter. Fear of those supplies being disrupted is causing oil prices to gyrate. Roughly speaking, every $10 rise in the price of a barrel of oil temporarily raises inflation by about two-tenths of a percent and reduces GDP by about one-tenth of a percentage point.”

Read Eisengberg’s blogs here:
https://econ70.com/2022/02/28/crude-costs/