FOR IMMEDIATE RELEASE
February 23, 2023
Contact:
Valentina Stackl, valentina@priceofoil.org
Lorne Stockman, lorne@priceofoil.org
OCI Statement on the Fossil Fuel Dimensions of Russia’s Invasion of Ukraine
WASHINGTON, DC — In response to the one-year anniversary of Russia’s invasion of Ukraine, Lorne Stockman, Research Co-Director at Oil Change International, released the following statement:
“Russia’s invasion of Ukraine one year ago is a wake-up call to stop dependence on unstable and war-driven fossil fuels, and instead transition to reliable renewable energy. Oil companies are both fueling and profiting from this crisis, while the rest of the world has suffered dire consequences.”
“Beyond the human cost of war in Ukraine and Russia, including displacement and death, the invasion also wreaked havoc across the world and exposed the failures and vulnerabilities of the fossil fuel supply chain. Not only did the war spike gas prices globally, but the opportunistic fossil fuel industry also took advantage of the Russian invasion to justify subsidies and contracts that commit the United States to keep exporting methane gas for decades. Europe bought record amounts of LNG and pushed gas prices to historic levels. And across Africa and the global south the war has led to a push for more oil and gas development that would harm communities and further drive climate change.”
“This energy crisis continues to exacerbate existing inequalities, contributing to a higher cost-of-living that has left many unable to access food, energy, and other basic needs. Meanwhile, big oil and gas companies have gained vast windfall profits, which they have largely used to enrich shareholders, and double down on oil and gas production, rather than invest in solutions to help people and combat the climate crisis. The world needs a managed phase-out of fossil fuels and a just transition towards renewable energy before it’s too late.”
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Notes to the Editor:
- The invasion was fundamentally a fossil-fueled invasion. Revenues from oil and gas projects backed by European and U.S. companies have financed Vladimir Putin’s regime to the tune of nearly USD 100 billion since 2014. Read the OCI briefing here.
- U.S. oil and gas companies are set to make tens of billions more from wartime oil prices in 2022. Read the OCI briefing here.
- Companies are set to make £11.6 billion windfall on UK oil and gas in 2022. The UK government is missing this opportunity to fund an energy transition. Read the joint briefing here.