If Russia invades Ukraine the global energy markets could face a supply crunch not seen since the 1970s.
Former U.S. Sen. Joe Lieberman, I-Conn., discusses the fate of the Nord Stream 2 pipeline if Russia were to invade Ukraine and Biden's handling of the crisis unraveling in Eastern Europe.
The Biden administration says the U.S. will prevent Nord Stream 2 from coming online if Russia invades Ukraine. Yet if Russia then cuts off natural gas and oil supply in retaliation, can it be replaced? Maybe, if foreign natural gas and oil producers heed the Biden administration’s plea for help. The U.S. could assist, but it's unclear why we are not leaning on the domestic energy industry.
Many experts know that if Russia decides to cut the supply, it would almost be impossible to replace. At the same time, a war could critically damage energy infrastructure in the region that could take years, if not decades, to fix. Not to mention the human cost of war that is devastating. In Europe, backup energy supplies are at historically low levels, and that is partly by design.
Phil Flynn is senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world's leading market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline and energy markets.
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