Oil demand and supply are quite unresponsive to oil prices in the short run, but historically quite responsive over 5-10 years. To counter Russia in 2023 and beyond, the West needs to focus more intently on reducing demand for fossil fuels, particularly oil, and increasing the supply of alternative energy sources.
WASHINGTON, DC – After a year of big surprises, led by Russia’s invasion of Ukraine, the global spike in inflation rates, and the collapse of cryptocurrency ventures, what kind of year will 2023 prove to be? This kind of short-run question is hard to answer, because repercussions of events spread so quickly and unpredictably across our globalized world. But the last 12 months highlighted one major trend that will shape what happens next, in 2023 and beyond: the decline of Russia.
WASHINGTON, DC – After a year of big surprises, led by Russia’s invasion of Ukraine, the global spike in inflation rates, and the collapse of cryptocurrency ventures, what kind of year will 2023 prove to be? This kind of short-run question is hard to answer, because repercussions of events spread so quickly and unpredictably across our globalized world. But the last 12 months highlighted one major trend that will shape what happens next, in 2023 and beyond: the decline of Russia.