Vladimir Putin realizes what we all know, which is that a good chunk of allies in Europe are highly dependent on Russian oil and natural gas.
Two years ago, the U.S. was the world’s largest oil and gas producer, making the U.S. self-sufficient in energy and a major exporter. Mr. Biden’s war on oil and gas production has helped enable Putin. Putin realized that reliance on Russian petroleum and natural gas would make it difficult for the West to put economic pressure on him. Moreover, the rising price of his major export was providing the capital to wage an invasion.
Given Biden’s election promises and left flank push for eliminating use of fossil fuel, Biden is now caught between an angry electorate watching oil and gas prices rise even higher after months of rising costs and the cry for cutting off Russian oil imports. The dynamic gives Putin important leverage in his invasion of Ukraine.
Russia's invasion has sent oil prices soaring to their highest levels in more than a decade. They've also crushed hopes of a strong global rebound from the coronavirus crisis.