The global oil market could take five to ten years to replace all the 10 million barrels per day of oil that Russia currently produces, Ryan Sitton, a former member of the Texas Railroad Commission, told Russian outlet Sputnik.
"We're talking five, ten years away before that would even be possible to replace all ten million barrels," said Sitton, who was member of the Texas commission responsible for regulating the oil industry in the largest oil-producing U.S. state.
"How long before the rest of the world can make the ten million barrels of oil that Russia produces? The answer is it is so far off it can't be done," Sitton told Sputnik.
Right now, China is likely the only option for Russia to sell its oil.
"China is in a really good position because China now as Russia's sole customer can almost command whatever prices they want to pay for that oil because there are no other buyers," according to Sitton.
Due to the Russian war in Ukraine, consumers will be paying much higher prices for gasoline after the U.S. ban on all energy imports from Russia and the European traders and buyers steering clear of increasingly toxic Russian crude.
In the United States, gasoline prices could exceed $5 per gallon on a national average and even rise close to $6 a gallon, Sitton told Sputnik.
As of March 11, the national average per gallon of regular gasoline was $4.331, according to AAA data.
A new survey from AAA showed on Thursday that $4.00 gasoline is the tipping point for most Americans. More than half, or 59 percent of Americans polled, said they would make changes to their driving habits or lifestyle if the cost of gas rose to $4 per gallon. If gas were to reach $5.00, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the spike at the pump, AAA's survey found.
In the two weeks after Russia's invasion of Ukraine, the national average had jumped by $0.70 as of March 9, according to AAA.
By Charles Kennedy for Oilprice.com
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