Putin Just Pushed the World Into an Even Bigger Energy Crisis
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Authors
Shaffer, Brenda
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Advisors
Date of Issue
2022-02-28
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FP Group
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Abstract
As we approach the 50th anniversary of the 1973 global oil crisis, international energy markets and the global economy are about to receive a similar jolt. Since Russia attacked Ukraine on Feb. 24, the price for crude oil has twice soared as high as $105 a barrel—a level last seen in 2014. And things could get a lot worse from here. Even if the current sanctions imposed on Russia do not explicitly target the energy trade, sanctions on banks and other entities will impede Russia’s oil, natural gas, and coal exports, wreaking havoc on global energy markets. In addition, the dangers for oil tankers traveling in the Black Sea will reduce oil reaching global markets, including seaborne supplies from non-Russian producers such as Kazakhstan. The cut in Russian oil and natural gas supplies to markets will have spillover effects and further jack up the prices of coal and liquefied natural gas (LNG), adding another burst to inflation.
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Article
Description
17 USC 105 interim-entered record; under temporary embargo.
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Funding
U.S. Government affiliation is unstated in article text.
Format
8 p.