Lessons from the Russian gas debacle

By Hemaja Burud

Reports that Russia's attempt to exploit gas exports as a geopolitical weapon has failed are multiplying.

Worse still, Russia used its energy fists to threaten Ukraine's allies into backing away from the conflict, driving up the cost of oil and gas.

However, according to Clara Ferreira Marques, the West is currently removing that weapon from Russia's possession and will soon begin attacking Russia with it.

We've discovered ways to get around Russian energy, and as a result, Europe is currently awash in gas at prices close to zero.

Additionally, we have accelerated the use of renewable energy, which will render Russia's fossil fuels obsolete.

Russia won't again resume exporting fossil fuels at the quantities observed in 2021.

the nation exported more than 7 million barrels of oil per day, but even under the least-demanding scenario, the IEA predicts that number will drop by 25% by 2030.

North America will export more oil than Russia by the middle of the 2020s.

 including some economists, underestimate how well markets can "work around" this situation.

We frequently read that it is technologically impossible to live without X and that it will take a long time to increase alternative production.

I'm not saying that supply restrictions are never an issue—Europe still has some issues this winter

but I am saying that we should be wary of predictions about how difficult it will be to get around them.