The leaders of Western industrialized nations have acknowledged that isolating Russia economically for its invasion of Ukraine has significant adverse consequences for their economies, including dramatic increases in the prices of oil and natural gas. Europe faces potential shortages of natural gas this winter, as Russia restricts its supplies in retaliation for European support for Ukraine. U.S. and European political leaders have argued for accelerating the development of renewable energy sources, but U.S. officials have also sought, at least in the short term, to identify readily available additional supplies of fossil fuels to lower prices.
