Russia- Ukraine Conflict is Causing Global Energy Crunch

People in many countries are urging their governments to ramp up the production and procurement of petroleum and natural gas. The IEA has suggested that countries should encourage people to reduce fuel consumption in the wake of the recent energy crisis, due to the Russia-Ukraine conflict.

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About half of Russian oil is exported to Europe and nearly 20% goes to China. With multiple sanctions in place and disruption of trade routes and pipelines, fuel prices around the world have surged. It’s impossible for countries to drill their way out of the crisis in a few weeks or months, the solution in the long term is to switch to renewable sources but in the near future, there’s no solution, except for paying high prices and reducing use.

But the governments are scared to put mandates in the palace, because people don’t want to be told that they should conserve energy because multiple diplomatic efforts have failed to impede the invasion of a sovereign country. Especially after two years of a global pandemic which included lockdowns and mask mandates.