i m going to be discussing all of that with these two, there they are, dr ulrich hoppe, the director general of the german british chamber of industry and commerce. and helima croft, a member of america s national petroleum council, which advises the us energy secretary on strategy. also on the show, the big boss of the middle east s oldest privately held oil and gas company, crescent petroleum, joins me to talk about those skyrocketing prices, energy supply and the impact of the war in ukraine. wherever you rejoining me from around the world, once again, a big hello and a warm welcome to the show. you know, they war between russia and ukraine is about to enter its sixth month. the human suffering on the ground has been massive and the economic consequences of the war and the sanctions imposed on russia, are spreading around the world. nowhere is it as stark as the oil and gas industry. vladimir putin s invasion of ukraine is causing energy prices to skyrocket around the worl
an energy emergency? energy companies across the continent warn of higher prices. limited rationing is already under way in germany as the supply from russia starts to drop off. in america, they ve released more oil to the market but is it enough to keep us all going? with more sanctions and cold weather on the way, are we looking at a perfect storm for the energy market? i m going to be discussing all of that with these two, there they are, dr ulrich hoppe, the director general of the german british chamber of industry and commerce. and helima croft, a member of america s national petroleum council, which advises the us energy secretary on strategy. also on the show, the big boss of the middle east s oldest privately held oil and gas company, crescent petroleum, joins me to talk about those skyrocketing prices, energy supply and the impact of the war in ukraine. wherever you rejoining me from around the world once again a big hello and a warm welcome to the show. you know, t
are also banning oil deliveries coming from a pipeline. meanwhile, the united states has blocked all oil and gas from russia. that was announced by president biden in march shortly after the invasion. russian oil will no longer be acceptable at us ports and the american people will deal another powerful blow to putin s war machine. this is a move that has strong bipartisan support with congress and, i believe, my country. america have rallied to support the ukrainian people and made it clear we will not be part of subsidising putin s war. president biden also announced back in march the release of american oil reserves to keep the market liquid but only for six months. and he visits the middle east and big opec players like saudi arabia. energy politics is clearly changing the rules of international diplomacy. so, with supply down and no immediate signs
even more challenging as winter comes to europe, temperatures cool, demand rises and an even bigger set of sanctions kick in. later this year, european companies will no longer be able to insure ships carrying russian oil anywhere in the world. plus, by the end of the year, europe is banning all oil imports from russia delivered by sea. plus, germany and poland are also banning oil deliveries coming from a pipeline. meanwhile, the united states has blocked all oil and gas from russia. that was announced by president biden in march, shortly after the invasion. russian oil will no longer be acceptable at us ports and the american people will deal another powerful blow to putin s war machine. this is a move that has strong bipartisan support with congress and, i believe, my country. america have rallied to support the ukrainian people and made it clear we will not be part of subsidising putin s war. president biden also announced back
thirds over the same period. joe biden said sanctions carry a price, and not just for russia. the united states is targeting the main artery of russia s economy. we are banning all imports of russian oil and gas and energy. that means russian oil will no longer be acceptable at us ports, and the american people will deal another powerful blow to putin s war machine. this is a move that has strong bipartisan support in congress and i believe in the country. america have rallied to support the ukrainian people and made it clear we will not be part of subsidising putin s war. mike finley is a fellow in energy and global oil at rice university s baker institute. i asked him about the likely impact of the ban. oil and gas account for half of russia s total exports and 40% of government revenues, trade between russia