The current war in Ukraine has caused gas prices to soar higher than ever in the past decade. The surge in prices raises concern over energy security and encourages the need to transition to renewable energy to lower fossil fuel dependency. While many countries, including the United States, Canada, and the European Union (a political and economic collection of 27 member states), hold renewable energy quotas and goals for the future, experts are skeptical if these goals are aggressive enough. With the recent hikes in oil, talks of renewable energy infrastructure and energy goals are, once again, in question.
The European Union is especially sensitive to fuel hikes and cutoffs. Germany currently receives more than half of its fuel imports from Russia. The European Union collectively receives 40% of their fuel from Russia due to their close proximity to Russian borders and Russia’s significant oil outputs.
Why the War on Ukraine is Causing a Surge in Gas Prices
President Biden signed an Executive Order on March 8, 2022, that banned Russian oil, liquefied natural gas, and coal imports to the U.S. Russia is among the top three oil and gas producers globally, alongside the U.S. and Saudi Arabia. The sanctions imposed on Russia have caused gas prices in the U.S and other Allied countries to reach record highs. These sanctions are used as a political tactic to target Russia’s economy and persuade Russia to hopefully reconsider its war.
On March 20, 2022, the average gas price in the U.S. was $4.255. Since Russia’s oil supply accounts for 12% of global output, prices will remain high as the war on Ukraine continues. Limiting our reliance on fossil fuels for energy can improve energy security and prevent countries from using fossil fuels as an economic weapon.
Those evacuating Ukraine in the early stages of the war were fortunate. Those remaining are largely affected financially by fuel prices and are struggling to evacuate further.
How the War Has Helped Make the Push Towards Renewable Energy
The war has brought to light how the dependence on fossil fuels can compromise a nation’s energy security. Although energy transition is a long process, producing energy domestically through renewable energy sources can lower greenhouse gas emissions and decrease reliance on foreign fossil fuels. The Western Wind and Solar Integration Study found that integrating 35% of wind and solar energy can reduce the cost of fuel by 40% and carbon emissions by 25 to 45%.
Critics claim that replacing fossil fuels with renewable energy is unrealistic because it could not meet the demands for electricity. However, renewable energy is seen as the only way to improve energy efficiency and environmental sustainability for the future. Although transitioning to green power requires multiple steps taken over time, a sustainable future will not only better the environment but also improve energy security amongst nations and create new opportunities.
Like what we have to say? Sign up to subscribe to email alerts and you’ll never miss a post.
