Russia tried to weaponize energy to keep European nations from opposing its war in Ukraine, but the real pain from Putin’s actions and Western sanctions has been felt far from Europe.
Energy price crisis.
i am adventure / Shutterstock
Government attempts to manage energy prices could actually create more volatility in oil and gas markets.
Gas prices are displayed at a gas station in Frankfurt, Germany. OPEC countries have decided to cut oil production by 2 million barrels per day in response to rising global interest rates.
(AP Photo/Michael Probst)
The impact of oil sanctions on Russia is limited compared to the severe repercussions they have on the global economy and other countries’ abilities to achieve energy security and transition.
Russian oil fields at sunset.
Getty Images/Olga Rolenko
If the fuel excise cut is not extended, average petrol prices in Australia will almost certainly return to the above $2 territory by early October. But a different solution is needed.
While Putin reduces Russian gas supplies, Europe has become more dependent on shipments of LNG.
Bill Chizek Photography/Alamy
Peter Martin, Crawford School of Public Policy, Australian National University
Asked how high an inflation rate Australia should prepare to tolerate, three of the 48 economists nominated 8% or higher. Seven expected inflation to fall without the need for further action.
Joe Biden, then-Vice President meets with King Salman bin Abdulaziz Al Saud in 2011.
AP Photo/Hassan Ammar
Jeffrey Fields, USC Dornsife College of Letters, Arts and Sciences
Joe Biden is set to make his first visit as president to the Middle East, during which he will meet the Saudi crown prince the US accuses of ordering the murder of a journalist.
Gas prices are at record highs.
AP Photo/Gene J. Puskar
Electric cars are important - but we can now electrify all land-based transport, from buses to bikes to trucks. We need good policy settings.
Several sites, such as this one near Freeport, Texas, store the hundreds of million of barrels in the United States’ Strategic Petroleum Reserve.
Department of Energy via AP
Oil is used throughout the US economy. It goes into packaging, toys, clothing and especially the food we eat.
The war in Ukraine will continue to push up food prices as the supply from the ‘Breadbasket of Europe’ is cut in the short term and, possibly, the long term.
(Shutterstock)
The Russian invasion of Ukraine will have global impacts far beyond the region directly involved in the fighting. Food prices will increase, and the effects will be felt by the most vulnerable.
People in the Russian city of St. Petersburg stand in line to withdraw U.S. dollars and euros from an ATM. Ordinary Russians faced the prospect of higher prices as western sanctions over the invasion of Ukraine sent the ruble plummeting.
(AP Photo/Dmitri Lovetsky)
Over-reliance on sanctions and economic warfare measures have led to strategic complacency and the avoidance of negotiations on the part of the western governments.
Gas prices at a Mobil gas station in West Hollywood, Calif., on March 8, 2022.
AP Photo/Jae C. Hong
Price shocks are a feature of the global oil market, not a bug – and even when governments take many steps to grow supply or reduce demand, it can be years before prices ease.
Senior Lecturer in International Relations, Discipline of Politics & International Relations, Macquarie School of Social Sciences, Macquarie University
Professor in Transport and Supply Chain Management and Deputy Director, Institute of Transport and Logistics Studies (ITLS), University of Sydney Business School, University of Sydney