The possibility that the United States might ban Russian oil imports has triggered a surge in prices. Russia is the world's top exporter of crude and oil products combined, at around 7 million barrels per day or 7% of global supply. Such a ban would be unprecedented, turbocharging already sky-high prices and risking inflationary shock.
In an article on reuters.com the likely consequences of a ban are explained. One of few more positive notes comes from Wolfgang Ketter, professor of Next Generation Information Systems at the Rotterdam School of Management, Erasmus University. In his view renewables could get a boost in the medium- to long-run as countries seek to wean themselves off Russian energy.
"We should take the subsidies we now devote to natural gas, coal, and petroleum and put them into renewable energy generation, electric mobility and EV charging infrastructure, heat pumps, building efficiency upgrades," he says. "Anything that will lead to long term energy security by reducing fossil fuel dependency."
