Russia, the world’s number one oil producer, just decided not to export any gasoline in the month of May, according to Ria Novosti.The move will halt all gasoline exports from the country for at least one month, according to Energy Minister Sergei Kudryasho. It is a response to fuel shortages throughout Russia, with Siberia the hardest hit.
The reason for these shortages, according to Russian officials, is that top oil companies are exporting more gasoline than ever before to take advantage of soaring foreign prices. Their example: In 2010, Russian oil companies exported 3 million tons of gasoline; they exported the same amount in the first three months of 2011.
Rising prices may help to explain Gazprom’s 2010 profit surge, a 24% year-over-year gain on 2009.