Ukraine’s Fight For Democracy Is Worth The Short-Term Spike In Energy Prices

Ukraine’s Fight For Democracy Is Worth The Short-Term Spike In Energy Prices

Share to Linkedin Russia invaded Ukraine nearly 10 months ago, leading to 2, 200 cases of environmental damage. That includes the loss of valuable forests and plant life and the deaths of 600 species of animals. At the same time, Russia has attacked 35% of Ukraine's electricity infrastructure, causing its people to go days without power and heat. Russia's oil and natural gas sales have financed this aggression, providing it with $21 billion a month when oil prices hit their highest levels in June. But the West wants to choke off those profits by imposing price caps on Russian oil set at $60 per barrel. That will reduce its oil revenues to between $10 billion and $15 billion monthly. There are serious questions about whether the price cap, which applies to seaborne oil and which went into effect on December 5, can disrupt President Putin's war plans. Already, prices are falling because of less demand. And the caps don't preclude Russia from finding alternative markets, such as China and India that are getting discounted oil. Russia, meanwhile, could limit production, driving up prices. "The terrorist country continues its barbaric efforts to disable power supply and destroy infrastructure in Ukraine and