There Is No Short Term Solution To Europe’s Oil Addiction

One of the hottest topics in the media in the past month has been the possibility of an oil embargo on Russia in response to its invasion of Ukraine. Oil prices have climbed higher on the constant speculation of a broader oil ban, but that speculation appears to be unjustified. The UK banned Russian oil and fuel imports earlier this month, and so did the United States. For both of these countries, Russian oil and fuels are a small portion of total oil imports. Yet the bans had a pronounced negative effect on retail fuel prices in both, even though…