{"id":62226,"date":"2022-03-19T18:36:26","date_gmt":"2022-03-19T23:36:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62226"},"modified":"2022-03-19T18:36:26","modified_gmt":"2022-03-19T23:36:26","slug":"after-the-ukraine-invasion-sobering-new-global-energy-economic-political-terrain","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62226","title":{"rendered":"After the Ukraine Invasion: Sobering New Global Energy-Economic-Political Terrain"},"content":{"rendered":"
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After the Ukraine Invasion: Sobering New Global Energy-Economic-Political Terrain<\/a><\/h3>\n<\/div>\n<\/div>\n
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Russia\u2019s invasion of Ukraine, and the West\u2019s response, are ushering the world into a new energy, economic, and political era. In broad outline, this new era will have less-globally-integrated energy markets, and less-secure supplies of fossil fuels. Since energy is the irreducible basis of all economic activity, this translates to a precarious global economy and a likely reordering of national alliances. We are, in short, living through a moment that may be as politically and economically transformative as the World Wars of the 20th<\/sup>\u00a0century, though with little likelihood of an outcome anywhere near as desirable as the boom decades of the 1920s or 1950s.<\/p>\n

Energy<\/strong><\/p>\n

We begin with energy, since all else flows from it. The following would seem to be a small news item in comparison with other events and risks detailed further below, but it\u2019s emblematic of the new era we\u2019re entering.<\/p>\n

Major oil companies, including\u00a0Exxon<\/a>Mobil,\u00a0Shell, and BP<\/a>, have announced that they will cease collaborating with the Russian petroleum industry, which includes state-owned energy giants Lukoil and Gazprom. This will likely have implications more far-reaching and long-lasting than President Biden\u2019s ban on imports of Russian oil and gas to the US. Russian oil and gas resources and production are enormous (the country supplies over a tenth of the world\u2019s oil and 7 percent of the world\u2019s gas), but many of the country\u2019s oil and gas fields were initially developed decades ago and are no longer able to maintain former rates of flow. In 2021, the Russian Energy Ministry\u00a0forecast<\/a> that the nation was at peak petroleum production levels and would probably never exceed pre-Covid rates of output…<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

After the Ukraine Invasion: Sobering New Global Energy-Economic-Political Terrain Russia\u2019s invasion of Ukraine, and the West\u2019s response, are ushering the world into a new energy, economic, and political era. In broad outline, this new era will have less-globally-integrated energy markets, and less-secure supplies of fossil fuels. Since energy is the irreducible basis of all economic […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[1997,328,6665,1081,821],"class_list":["post-62226","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-economic-sanctions","tag-fossil-fuels","tag-resilience-org","tag-richard-heinberg","tag-ukraine"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62226"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62226\/revisions"}],"predecessor-version":[{"id":62227,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62226\/revisions\/62227"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}