The Missed Opportunity of Europe’s Energy Crisis
Before he began dropping bombs on Kyiv in February 2022, Russian President Vladimir Putin prepared for his invasion of Ukraine in a quieter way. He restricted energy exports to Europe in late 2021, driving up prices across the continent. After the invasion, Putin restricted exports even more, putting European countries in a bind: should they fund the Russian war effort by buying fossil fuels at elevated prices, or risk losing critical energy flows at a time when stocks were already depleted? As countries began banning Russian oil imports and trying to cap the worldwide price of Russian oil, energy prices in Europe skyrocketed, with natural gas prices peaking at ten times their prewar average.… Seguir leyendo »