Russia’s War Against Ukraine Has Impacted Energy Policy Around the World
As Russia crossed Ukraine’s borders, the world sluggishly reacted to the implication of reduced energy production and access. Russia is a major global oil and natural gas exporter. The Nord Stream pipelines, which funnel Russian gas to Germany and other European countries, were contested from inception because recipient countries would become dependent on Russia for their energy needs. The Ukraine war has forced the European Commission to admit that the future of Nord Stream is in danger and that Europe must become more energy independent.
Meanwhile, in America, gasoline prices and the price of a barrel of oil have risen dramatically in the past two weeks. Prices are expected to soar even higher after President Biden announced that America will ban Russian oil. For Russia, this will be an economic blow, but the impact will also be felt by American citizens and businesses. Would America or Europe be in this situation if they had pursued a balanced, energy-independent policy instead of pursuing pie-in-the-sky Green New Deal ideals? Daniel Turner, Executive Director of Power the Future joins Kim to discuss the impact of Russia’s invasion of Ukraine on energy and reversing the unsustainable Green New Deal.
