“I can’t believe the Russia-Ukraine war is still ongoing. It’s been a month now since Russia started invading its neighboring country, Ukraine,” Orak said.
Verum, Scorch, Felix, and Orak were sitting silently in their dorm room. They felt sad after hearing about the war.
“The war has affected so many people and even industries,” Scorch said.
“Industries? How?” Felix said.
“Russia is the second top producer of crude oil in the world. The first top producer is Saudi Arabia. It supplies about a third of Europe’s crude oil. Crude oil is also known as petroleum. It is found deep under the ground.
After Russia invaded Ukraine, the cost of oil and gas increased. So, the prices of petrol increased. The cost of one oil barrel was $139. It was the highest in 14 years! Gas delivery prices also increased,” Scorch said.
“Many countries were unhappy with Russia’s invasion of Ukraine. They put financial constraints on Russia and helped Ukraine. United States (US) banned the import of Russian oil to the country.
But European countries refused to do the same. Russia is an important supplier of oil and gas to European countries. It’s because, at this moment, the countries cannot secure their oil and gas supply from any other country,” Scorch said.
“There’s a huge risk too,” Scorch added, “After all the constraints on the country, what if Russia’s President Vladimir Putin turned off the gas supply to Europe?”
Verum nodded, “Even if the European countries want to reduce their dependency on Russia’s oil and gas supply, it will take time.”
Scorch continued, “In the United Kingdom (UK), the petrol prices are at 155p a liter. The prices of food and heating are already rising fast.”
“Ugh,” Feli said, frustrated, “the war affects everything!”