Quote (thesnipa @ 8 Apr 2022 18:23)
russia could have drastically increased its fuel prices incrementally, what's Europe going to do? abandon 10 years of pipeline construction to overpay OPEC to barge in raw oil then build their own infrastructure to turn it into gas? not if Russia got the increments right.
The answer is quite easy: the production of American and Canadian fracking/shale oil could be ramped up again quite quickly if there was funding and the political will. The fracking boom only really ended because of low market prices, then the crash during the initial stage of covid, then a fossil-unfriendly government came in in Jan 21 and was the final death knell.
The gas and oil is still lying there and with drastically higher world market prices, the drilling sites would be economically viable again. Liberal Democrats focused on climate change would throw a fit, but the political fallout from sustained periods of inflation would quickly get them in line. It's basically the same development we'll see over the coming 1-2 years anyway.