BLOOMBERG • October 17, 2022
Russian President Vladimir Putin is demonstrating in Ukraine that nowhere should be considered safe. Even if the military war isn’t global, the energy front may be. May 2021’s Colonial Pipeline hack shows there are many ways to escalate, and miscalculate, in this vital sector. The recent escalation is an effort by Russia and Saudi Arabia to reassert their primacy in global energy. The Ukraine crisis is part of a broader unraveling, with the mutual need that ties energy producers and consumers together giving way to cruder contests over who needs who. ~ Liam Denning, former investment banker and editor of the Wall Street Journal’s Heard on the Street column and a reporter for the Financial Times