A price cap on Russian crude oil agreed by the Group of Seven nations and Australia takes effect in the latest effort to squeeze Moscow's key source of revenue for its ongoing war in Ukraine.
Even as the Canadian oil and gas industry rushes to fill the gap left by Russian crude, market disruption may mean the only real solution is what energy experts call "demand destruction," as democracies face a tradeoff between standard of living and security.
What exactly is going on with the oil industry, the petrodollar, Russia, China, and the U.S.? Professor and economy expert David Buckner joins Glenn to break it all down. He explains how current oil sanctions have caused massive, market instability and he details ripple effects the world specifica.