Tensions between Russia and Ukraine are feeding fears that energy prices could increase even more.
Meanwhile, a lack of energy independence for Europe is giving Russia significant leverage as it takes increasingly belligerent actions threatening invasion of Ukraine, Rossetti says.
The key factor on what will happen to energy prices will be any sanctions those countries put on Russia, and potential Russian response, Rossetti says. . For example, if Europe attempts to buy energy from outside of Russia – from the United States, for example – that could put a squeeze on supply and potentially increase prices.
"In less than a year we've lost that ability. And so now Russia has the leverage over the EU in terms of energy supply in order to kind of blackmail them into turning a blind eye," Cassidy added. "You could argue they're trying not to, but Germany's response has been quite muted to this apparently pending invasion. I would say that this is a culmination of a failed energy geopolitical policy.
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