War In Ukraine Exposes World’s Utter Reliance On Oil

This shift is maximum obvious in Europe, which is closely reliant on imported Russian power to stay the lighting fixtures and warmth on and has been experiencing a gradual upward thrust in power costs. The new warfare, and the escalating sanctions and scrapped pipeline plans in reaction, has raised considerations that further projected value hikes may just cause provide shortages once subsequent iciness.

“We must become independent from Russian oil, coal and gas,” Ursula von der Leyen, president of the European Commission, stated in a remark on Monday. “We simply cannot rely on a supplier who explicitly threatens us. We need to act now to mitigate the impact of rising energy prices, diversify our gas supply for next winter and accelerate the clean energy transition.”

The European Commission just lately unveiled a plan for the way the area may just transition clear of Russian fossil fuels sooner than 2030, involving a near-term push to seek out fossil gas choices to Russia’s fuel imports and maximize power potency blended with a longer-term shift clear of fossil fuels to renewable power in line with the area’s current local weather plans.

“I view this as an important step in fostering the decarbonization of the European economy,” Andreas Goldthau, an power transition skilled on the Institute for Advanced Sustainability Studies, instructed BuzzFeed News by means of e-mail.

The fee’s modeling suggests one thing to the music of “two-thirds of Russian gas being replaced within one year only through those measures, which strikes me as very ambitious,” Goldthau stated. He later added: “At current prices, this would mean a significant cost to industry and households, and possibly a too high cost to some.”

Meanwhile, additionally on Monday, President Joe Biden introduced the United States would straight away ban Russian power imports, but some other layer of monetary sanctions supposed to punish the rustic for its assault on Ukraine.

“We’re moving forward on this ban, understanding that many of our European allies and partners may not be in a position to join us,” Biden stated, noting that US home oil manufacturing provides the rustic flexibility Europe does no longer have.

But even with huge fossil gas manufacturing at house, the United States isn’t proof against the dramatic fluctuations in power costs set by means of international power markets. As of Thursday, fuel costs hit a nationwide reasonable of $4.31 a gallon (adjusted for inflation, the document value for fuel used to be $5.53 a gallon, set in 2008). Biden’s approach to combating this drawback from ordinary is equal to Europe’s: embracing blank power.

“To protect our economy over the long term, we need to become energy independent,” Biden stated. “It should motivate us to accelerate the transition to clean energy.”

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