think that this situation constitutes a challenge for European countries to move towards liberation from dependence on the Russian oil market in particular, and on traditional energies in general, but the big problem is who is financing this transition??? Can alternative energies cover the huge market for conventional energies???
This can happen in countries that enjoy energy independence, such as the nordic countries, where they invest in the huge revenues from conventional energies exports to finance alternative energies projects. As for the rest of the countries, the question remains.............
The oil remains and probably will remain the main energy commodity, also much needed in various industrial applications There are no viable technologies to substitute it completely, at least no solution is seen on the technological horizon. Many countries have reduced or restricted investments in fossil fuel (inter alia due to the green agenda and low oil prices since 2014). Russia is only one of the few countries that had not limited its production investments in this area. Many experts were afraid that some shortages in oil will occur in Europe this year. It didn’t happen because the energy trade via third countries had been allowed (e. g. via India, China Turkey). Even oil-rich countries have purchased the Russian oil for the first time ever in order to increase its own export potential. Otherwise, there would have already been a major disruption with European supplies. The road to energy independence for Europe is a long and unpredictable one, at least for now.
EU fossil energy market just transferred from some of Russian suppliers to more predictable US suppliers. EU citizens will paid for this transition because it have been done for their prosperity
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