Putin’s Rise

The following table from the London School of Economics shows the price of oil from 2000 to 2015.

Oil Prices 2000-2015

It more or less explains Vladimir Putin’s success in Russia. When Putin came to power in 1999, the price of oil was around 20 dollars per barrel. In the 2000s the price of oil kept rising, for reasons that had nothing to do with Putin. Oil exports are Russia’s main source of revenue. Even today, that oil prices have collapsed, they are still double what they used to be when Putin came to power.

However Putin has managed to control all Russian media, and destroy every source of opposition, and today there is no criticism in Russia for the Putin regime. Therefore, Putin can be popular even with low oil prices. The Turkish President Tayip Erdogan is obviously very jealous of Putin because he is also trying to destroy all opposition in Turkey. “The two angry men at Europe’s doorstep” as one journalist was saying.

http://blogs.lse.ac.uk/europpblog/2015/01/21/falling-oil-prices-should-help-europes-ailing-economies-but-the-wider-implications-of-the-price-drop-remain-to-be-seen/

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