Russia is one of the world’s largest oil and natural gas exporters, but bans and restrictions on those exports could lead to a serious energy crisis and more pain for consumers.
- Emily Holland, professor at the U.S. Naval War College, said Western states’ policies of moving away from Russian energy have increased demand and caused oil prices to increase in global markets.
- Holland said high gas prices in the United States may increase more and that Russia’s invasion has pushed Europe, which already had historically high energy prices last fall, to the verge of a “full-blown energy crisis.”
- She said the energy situation is causing ripple effects and geopolitical backlash throughout the world.
