How Energy Markets Are Shaping Putin’s Invasion — and the World

How Energy Markets Are Shaping Putin’s Invasion — and the World

Nearly every dimension of the Ukraine-Russia conflict has been shaped by energy markets.

Russia’s oil and gas exports have long been the foundation of its economy and geopolitical strength. Vladimir Putin’s decision to invade Ukraine — like his annexation of Crimea in 2014 — coincided with high energy prices. While Western sanctions have dealt a major blow to Russia’s financial system, European carve-outs for Russian oil and gas have kept hundreds of millions of dollars flowing to Moscow every day.

As a result, energy policy has become foreign policy. European countries are doubling down on their commitments to decarbonize in order to reduce their dependence on Russian energy as quickly as possible. The United States has banned Russian oil and gas imports, and in the wake of spiking gasoline prices, the Biden administration is looking for any opportunity to increase the world’s oil supply, including the possibility of normalizing trade relations with previously blacklisted countries like Venezuela and Iran.

But the intersection of energy and geopolitics extends far beyond this conflict. Energy is the bedrock of nations’ economic prosperity, military strength and geopolitical power. Which means energy markets are constantly shaping and reshaping global dynamics. You can’t understand the way the world operates today if you don’t understand the global flow of energy.

There are few people who have studied energy markets as closely as Daniel Yergin has. He is an economic historian and writer who has been called “America’s most influential energy pundit” in The New York Times. And he’s the author of numerous books on the intersection of energy and geopolitics, including the Pulitzer Prize-winning “The Prize: The Epic Quest for Oil, Money, and Power” and, most recently, the best-selling “The New Map: Energy, Climate, and the Clash of Nations.”

We discuss how Putin’s invasion halfway across the world caused gasoline prices to rise in California; what would happen to European economies if they decided to cut off Russian gas; how the U.S. shale revolution has transformed the global political landscape; why, when it comes to China and Russia, Yergin believes that “a relationship that was once based on Marx and Lenin is now grounded in oil and gas”; whether Donald Trump was right to be skeptical of Nord Stream 2; why decarbonization is not only beneficial for the climate but also crucial for national security; whether the Biden administration’s response to spiking energy prices is putting its climate agenda in jeopardy; why Yergin thinks hydrogen power could become central to combating climate change; and much more.

Book recommendations:

Putin’s World by Angela Stent

The Power of Law by Sebastian Mallaby

The Cloud Revolution by Mark P. Mills

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Andrea López-Cruzado; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

Episoder(470)

Trump 2.0 and the Return of ‘Court Politics’

Trump 2.0 and the Return of ‘Court Politics’

The preview we’ve had into Donald Trump’s second administration already feels, by American standards, disturbingly abnormal: Picking a former “Fox and Friends” host for defense secretary. Billionaire after billionaire trekking to Mar-a-Lago to curry favor with the president-elect. The Washington Post withholding an opposing endorsement. Meta ending its third-party fact-checking.But all of this is actually pretty normal — not in the U.S. but in many other countries. Researchers call them personalist regimes, in which everything is a transaction with the leader, whether it’s party politics or policymaking or the media. It’s a style of politics that follows different rules, but there are still rules. And understanding personalist politics, and their tried-and-true playbook, is a way to help make the next four years legible.Today’s guest is one of the leading scholars on personalist regimes, in both their democratic and their authoritarian forms. Erica Frantz is a political scientist at Michigan State University and a the co-author, with Andrea Kendall-Taylor and Joseph Wright, of “The Origins of Elected Strongmen: How Personalist Parties Destroy Democracy From Within.” In this conversation, we discuss what personalist regimes are and how they operate, the personalist qualities of Trump and the signs of democratic backsliding that Frantz thinks Americans need to track in the coming weeks and years.This episode contains strong language.Book Recommendations:Dictators at War and Peace by Jessica L. P. WeeksAutocracy Rising by Javier CorralesThe Trumpiad by Cody WalkerThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Michelle Harris. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

10 Jan 1h 6min

Burned Out? Start Here.

Burned Out? Start Here.

I like to begin each year with an episode about something I’m working through more personally. And at the end of last year, the thing I needed to work through was a pretty bad case of burnout.So I picked up Oliver Burkeman’s latest book, “Meditations for Mortals: Four Weeks to Embrace Your Limitations and Make Time for What Counts.” Burkeman’s big idea, which he also explores in his best seller “Four Thousand Weeks: Time Management for Mortals,” is that the desire to be more productive, to squeeze out the most from each day, to try to feel on top of our lives, is ultimately insatiable. He argues that addressing burnout requires a shift in outlook — accepting that our time and energy are finite, and that there will always be something more to do. In other words: What if you began with a deeper appreciation of your own limits? How, then, would you live?Burkeman’s book is structured as 28 short essays on this question. In this conversation, I ask him to walk me through some of them. We discuss what burnout is; what it means to accept your limitations and let go of control; the messages children absorb about productivity and work; navigating the overwhelm of information and news; and more.This episode contains strong language.Mentioned:“How Millennials Became The Burnout Generation” by Anne Helen PetersenRest by Alex Soojung-Kim Pang“Stop. Breathe. We Can’t Keep Working Like This.” with Cal Newport on “The Ezra Klein Show”“The Man Who Knew Too Little” by Sam DolnickBook Recommendations:The Uncontrollability of the World by Hartmut RosaFully Alive by Elizabeth OldfieldDeath by Joan TollifsonThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Kristin Lin. Fact-checking by Michelle Harris, with Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

7 Jan 1h 4min

Best Of: Sabbath and the Art of Rest

Best Of: Sabbath and the Art of Rest

I have a tendency to end the year feeling pretty worn out. And that’s partly because I struggle to rest properly throughout the year, to build rest into a routine and stick to it.  That’s how I was feeling at the end of 2022, when we originally taped this episode. And it’s certainly how I’m feeling at the end of this year, so this felt like a valuable episode to revisit. Judith Shulevitz’s wonderful book, “The Sabbath World: Glimpses of a Different Order of Time,” draws out lessons from the Jewish ritual of the Sabbath that everyone can benefit from, regardless of whether you’re Jewish or religious at all. The Sabbath, as commonly practiced, involves taking a day a week off from work, turning off your phone and spending a lot of time with family and your community. To Shulevitz, there’s a radicalism in this ritual — a stinging critique of the speed at which we live our lives, the ways we choose to spend our time and how we think about the idea of rest itself. She sees the Sabbath as more than just taking a break from the world, but also as an act of creating a different one. I left the conversation feeling awed by how such an ancient practice can contain wisdom that feels so urgent right now. I hope you enjoy — and that at the end of this year, you find time for some true rest. Mentioned:The Sabbath by Abraham Joshua HeschelI and Thou by Martin BuberBook Recommendations:Adam Bede by George EliotThe Seven Day Circle by Eviatar ZerubavelOn the Clock by Emily GuendelsbergerThoughts? Email us at ezrakleinshow@nytimes.com. Guest suggestions? Fill out this form.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Emefa Agawu. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing by Isaac Jones and Aman Sahota. The show’s production time also includes Rollin Hu, Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

27 Des 20241h 1min

What I’m Thinking at the End of 2024

What I’m Thinking at the End of 2024

There’s a lot to process as 2024 draws to a close. In our end-of-year Ask Me Anything, the supervising editor of “The Ezra Klein Show,” Claire Gordon, joins Ezra in the studio to ask your questions – on politics, and lots of not-politics too. Ezra talks about the ways this year has affected him personally: how his views on government have changed; his efforts to stave off burnout; and his off-again, on-again relationship with social media. They also discuss the making of the show: the accusation that certain episodes have “normalized” Donald Trump; how we’re going to approach covering the next administration; the story behind our new theme music; and what’s going on with that arm tattoo.Thank you to the listeners who sent in questions, and to everyone who’s tuned in this year. Without you, this year would have been a lot lonelier. (We also wouldn’t have jobs.) We’ll be re-airing one of our favorite episodes this Friday (on the art of rest). And then we’ll be back here with new episodes in 2025. Wishing you a great end to 2024. Happy new year!This episode contains strong language.Mentioned:“Magical Tree Creatures” by Pat McCuskerThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was fact-checked by Michelle Harris. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

24 Des 202450min

Yes, Biden’s Green Future Can Still Happen Under Trump

Yes, Biden’s Green Future Can Still Happen Under Trump

In 2022, President Biden signed the Inflation Reduction Act, ushering in, by some estimates, nearly half a trillion dollars of investment in green energy and manufacturing. But what will happen to this huge investment as Donald Trump enters office?Jigar Shah is one of the best people to answer this question. As the director of the Loan Programs Office at the Department of Energy, he has spent his career finding new ways to finance green infrastructure. And he’s more optimistic than you might expect about the road ahead.In this conversation, guest host Robinson Meyer, a contributing writer for New York Times Opinion and the founding executive editor of Heatmap News, asks Shah for a progress check on decarbonization. They discuss what has changed about the economics and financing of clean energy; what has worked well in the green energy transition, as well as the trade-offs it has entailed; and what may or may not change as Trump enters office.Book Recommendations:Fooled by Randomness by Nassim Nicholas TalebWhat If We Get It Right? by Ayana Elizabeth JohnsonRomney by McKay CoppinsThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu [Who]. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

20 Des 20241h 1min

‘A Sword and a Shield’: How the Supreme Court Supercharged Trump’s Power

‘A Sword and a Shield’: How the Supreme Court Supercharged Trump’s Power

Donald Trump will enter office at a time when presidential power has significantly expanded, because of a string of Supreme Court decisions in recent years. These decisions can be understood to have two functions: They give presidents a “sword” to act more decisively and unilaterally, and a “shield” that protects them from prosecution against actions taken in their official capacity. What will these capacities mean for Trump’s second term — especially as he has promised to radically transform the federal government?Gillian Metzger is a professor at Columbia Law School who has studied the presidency, the administrative state and the Supreme Court’s relationship to both. In this conversation, guest-hosted by Kate Shaw, a New York Times Opinion contributing writer and law professor, Metzger discusses two key Supreme Court cases — the Trump immunity case, which gave presidents broad protections from prosecution, and the Loper Bright Enterprises case, which overturned the Chevron doctrine, expanding judicial power. Shaw and Metzger also cover how much leeway Trump actually has to take some of the bolder executive actions he’s floated, including ending birthright citizenship; what still remains uncertain about the federal government’s regulatory powers in the post-Chevron regime; and more.“The Demise of Deference — And the Rise of Delegation to Interpret?” by Thomas W. Merrill“The DOGE Plan to Reform Government” by Elon Musk and Vivek RamaswamyBook recommendationsCreating the Administrative Constitution by Jerry L. MashawThe Forging of Bureaucratic Autonomy by Daniel Carpenter“Curation, Narration, Erasure” by Karen M. TaniThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Michelle Harris, with Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

17 Des 202445min

Best Of: How TV, Twitter and TikTok Remade Our Politics

Best Of: How TV, Twitter and TikTok Remade Our Politics

This election felt like the peak of the TV-ification of politics. There’s Trump, of course, who rose to national prominence as a reality-TV character and is a master of visual stagecraft. And while Trump’s cabinet picks in his first term were described as out of central casting, this time he wants to staff some positions directly from the worlds of TV and entertainment: Pete Hegseth, his choice to run the Pentagon, was a host on “Fox and Friends Weekend”; his proposed education secretary, Linda McMahon, was the former C.E.O. of W.W.E.; Mehmet Oz, star of the long-running “The Dr. Oz Show,” is his pick to run Medicare and Medicaid; and he’s tapped Elon Musk, one of the most powerful figures in American culture, to lead a government efficiency effort. Two years ago, we released an episode that helps explain why politics and entertainment are converging like this. It’s with my old Vox colleague Sean Illing, host of “The Gray Area,” looking at the work of two media theorists, Marshall McLuhan and Neil Postman, who uncannily predicted what we’re seeing now decades ago.And so I wanted to share this episode again now, because it’s really worth stepping back and looking at this moment through the lens of the media that’s shaping it. In his book “The Paradox of Democracy,” Illing and his co-author, Zac Gershberg, put it this way: “It’s better to think of democracy less as a government type and more as an open communicative culture.” So what does our communicative culture — our fragmented mix of cable news, X, TikTok, YouTube, WhatsApp and podcasts — mean for our democracy? This episode contains strong language.Mentioned:“‘Flood the zone with shit’: How misinformation overwhelmed our democracy” by Sean Illing“Quantifying partisan news diets in Web and TV audiences” by Daniel Muise, Homa Hosseinmardi, Baird Howland, Markus Mobius, David Rothschild and Duncan J. WattsBook Recommendations:Amusing Ourselves to Death by Neil PostmanPublic Opinion by Walter LippmannMediated by Thomas de ZengotitaThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rogé Karma. Fact-checking by Michelle Harris, Rollin Hu, Mary Marge Locker and Kate Sinclair. Mixing by Sonia Herrero, Carole Sabouraud and Isaac Jones. Our production team also includes Elias Isquith, Kristin Lin, Jack McCordick and Aman Sahota. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

13 Des 20241h 3min

You Had a Lot of Questions About the Election

You Had a Lot of Questions About the Election

This is our first bonus content of the paywall era, a subscriber-only, election-themed “ask me anything.” If you haven’t subscribed and would like to, you can do that directly through Apple Podcasts and Spotify, or click here. If you don’t want to subscribe, you’ll still have an end-of-year “ask me anything” coming down your feed — a mix of politics and things in life that, thankfully, aren’t politics.And if you do subscribe, thank you so much for supporting the show. We hope you enjoy this little extra for your money.Thank you, also, to everyone who sent in questions. We read them all and wish we had time to get to more of them.But in the time that we had, the show’s supervising editor, Claire Gordon, quizzed Ezra with listeners’ questions on the meaning of “the working class,” whether an election that seemed to hinge on the economy could qualify as postmaterialist, the lessons he worries the Democrats will overlearn, his response to L.G.B.T.Q. voters who fear political backlash, what the election means for Israel’s war in Gaza, how blue cities should respond to their apparent electoral rebuke and more.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was fact-checked by Michelle Harris and Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

10 Des 202440min

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