The Daily Parker

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Putin remains master strategist

Thirty-five weeks into his 3-day war, Russian dictator Vladimir Putin woke up to a new IAEA report that his invasion of Ukraine may cause a permanent decline in Russian fortunes:

The energy crisis sparked by Russia’s invasion of Ukraine is likely to speed up rather than slow down the global transition away from fossil fuels and toward cleaner technologies like wind, solar and electric vehicles, the world’s leading energy agency said Thursday.

While some countries have been burning more fossil fuels such as coal this year in response to natural gas shortages caused by the war in Ukraine, that effect is expected to be short-lived, the International Energy Agency said in its annual World Energy Outlook, a 524-page report that forecasts global energy trends to 2050.

Instead, for the first time, the agency now predicts that worldwide demand for every type of fossil fuel will peak in the near future.

Russia, which had been the world’s leading exporter of fossil fuels, is expected to be hit especially hard by the energy disruptions it has largely created. As European nations race to reduce their reliance on Russian oil and gas, Russia is likely to face challenges in finding new markets in Asia, particularly for its natural gas, the report said. As a result, Russian fossil fuel exports are unlikely to return to their prewar levels.

Josh Marshall connects the dots:

What interested me most about the report however is the impact of the Ukraine War on Russia itself. Russia has spent decades building up both the economic engine of its fossil fuel industry as well as its geopolitical power. The report includes a range of scenarios for how the 2022 energy crisis impact plays out over the coming decades. But in each scenario Russia’s role as an energy producer goes into permanent decline. As the report’s executive summary puts it, “Russian fossil fuel exports never return – in any of our scenarios – to the levels seen in 2021, and its share of internationally traded oil and gas falls by half by 2030…”

That's the problem with malignant narcissism: if you think you're the smartest guy in the room, and you discount everyone else's opinion because of it, you won't know you're wrong until reality asserts itself.

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