World Energy Crisis Looms After Russian Invasion

Russia’s attack on Ukraine is redrawing the world’s energy map, ushering in a new era in which the flow of fossil fuels is influenced by geopolitical rivalries as much as supply and demand, writes The Wall Street Journal.
Over the past half-century, oil and natural gas have moved with relative freedom to the markets where they commanded the highest prices around the world. That ended abruptly when Russian tanks rumbled across the Ukraine border on Feb. 24, triggering a barrage of trade sanctions by the U.S. and Europe targeting Russia that have plunged global commerce into disarray.
The End of Energy Free Trade (The Wall Street Journal)
The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning. Current and former energy officials tell CNN they worry that Russia's invasion of Ukraine in the wake of years of underinvestment in the energy sector have sent the world careening into a crisis that will rival or even exceed the oil crises of the 1970s and early 1980s, reports CNN Business.
The world may be careening toward a 1970s-style energy crisis -- or worse (CNN Business)
The New York Times writes that the European Union’s embargo on most Russian oil imports could deliver a fresh jolt to the world economy, propelling a realignment of global energy trading that leaves Russia economically weaker, gives China and India bargaining power and enriches producers like Saudi Arabia.
Europe, the United States and much of the rest of the world could suffer because oil prices, which have been marching higher for months, could climb further as Europe buys energy from more distant suppliers.
Europe’s Russian Oil Ban Could Overhaul Global Energy Market (The New York Times)
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