“Now Trump has come to Putin’s aid by attacking Iran and driving up the oil prices. Russia’s making an extra $150 million a day now because of what’s happening in the Gulf. I think the Russian economy would’ve had real problems in terms of generating income over the summer, but now they get help with that. So I think we’re still in a bit of a stalemate.
Krugman: One other striking thing is that—although the US is a net exporter of oil—the US, if you take a national accounting standpoint, is a little bit richer because of oil prices, but the US government doesn’t capture any of that. It’s not there. There is no “we.” There is no United States. There’s only oil companies and there’s everybody else. And in Russia, Putin captures a lot of the extra revenue. So it’s actually a weird thing where this benefits Putin but not the United States.”
https://paulkrugman.substack.com/p/phillips-obrien-on-iran
