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)

How an Open Democratic Convention Would Work

How an Open Democratic Convention Would Work

After President Biden’s rough performance at the first presidential debate, the question of an open convention has roared to the front of Democratic politics. But how would an open convention work? What would be its risks? What would be its rewards? In February, after I first made the case for an open Democratic convention, I interviewed Elaine Kamarck to better understand what an open convention would look like. She literally wrote the book on how we choose presidential candidates, “Primary Politics: Everything You Need to Know About How America Nominates Its Presidential Candidates.” But her background here isn’t just theory. She’s worked on four presidential campaigns and on 10 nominating conventions — for both Democrats and Republicans. She’s a member of the Democratic National Committee’s Rules Committee. And her explanation of the mechanics and dynamics of open conventions was, for me, extremely helpful. It’s even more relevant now than it was then. Mentioned:The Lincoln Miracle by Ed AchornBook Recommendations:All the King’s Men by Robert Penn WarrenThe Making of the President 1960 by Theodore H. WhiteQuiet Revolution by Byron E. ShaferThoughts? 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.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact checking by Michelle Harris, with Kate Sinclair and Kristin Lin. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Sonia Herrero.This conversation was recorded in February 2024. 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.

2 Jul 20241h 2min

What Is the Democratic Party For?

What Is the Democratic Party For?

Top Democrats have closed ranks around Joe Biden since the debate. Should they? Mentioned:“This Isn’t All Joe Biden’s Fault” by Ezra Klein“Democrats Have a Better Option Than Biden” by The Ezra Klein Show“Here’s How an Open Democratic Convention Would Work” with Elaine Kamarck on The Ezra Klein ShowThe Hollow Parties by Daniel Schlozman and Sam RosenfeldThoughts? 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 audio essay was produced by Rollin Hu and Kristin Lin. Fact-Checking by Jack McCordick and Michelle Harris. Mixing by Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Jeff Geld, Elias Isquith and Aman Sahota. Original music by Isaac Jones. 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.

30 Jun 202417min

After That Debate, the Risk of Biden Is Clear

After That Debate, the Risk of Biden Is Clear

I joined my Times Opinion colleagues Ross Douthat and Michelle Cottle to discuss the debate — and what Democrats might do next.Mentioned:“The Biden and Trump Weaknesses That Don’t Get Enough Attention” by Ross Douthat“Trump’s Bold Vision for America: Higher Prices!” with Matthew Yglesias on The Ezra Klein Show“Democrats Have a Better Option Than Biden” on The Ezra Klein Show“Here’s How an Open Democratic Convention Would Work” with Elaine Kamarck on The Ezra Klein ShowGretchen Whitmer on The Interview“The Republican Party’s Decay Began Long Before Trump” with Sam Rosenfeld and Daniel Schlozman on The Ezra Klein ShowThoughts? 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. 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.

28 Jun 202451min

Trump’s Bold Vision for America: Higher Prices!

Trump’s Bold Vision for America: Higher Prices!

Donald Trump has made inflation a central part of his campaign message. At his rallies, he rails against “the Biden inflation tax” and “crooked Joe’s inflation nightmare,” and promises that in a second Trump term, “inflation will be in full retreat.”But if you look at Trump’s actual policies, that wouldn’t be the case at all. Trump has a bold, ambitious agenda to make prices much, much higher. He’s proposing a 10 percent tariff on imported goods, and a 60 percent tariff on products from China. He wants to deport huge numbers of immigrants. And he’s made it clear that he’d like to replace the Federal Reserve chair with someone more willing to take orders from him. It’s almost unimaginable to me that you would run on this agenda at a time when Americans are so mad about high prices. But I don’t think people really know that’s what Trump is vowing to do.So to drill into the weeds of Trump’s plans, I decided to call up an old friend. Matt Yglesias is a Bloomberg Opinion columnist and the author of the Slow Boring newsletter, where he’s been writing a lot about Trump’s proposals. We also used to host a policy podcast together, “The Weeds.”In this conversation, we discuss what would happen to the economy, especially in terms of inflation, if Trump actually did what he says he wants to do; what we can learn from how Trump managed the economy in his first term; and why more people aren’t sounding the alarm.Mentioned:“Trump’s new economic plan is terrible” by Matthew Yglesias“Never mind: Wall Street titans shake off qualms and embrace Trump” by Sam Sutton“How Far Trump Would Go” by Eric CortellessaBook Recommendations:Take Back the Game by Linda Flanagan1177 B.C. by Eric H. ClineThe Rise of the G.I. Army, 1940-1941 by Paul DicksonThoughts? 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. Fact-checking by Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero, Adam Posen and Michael Strain. 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.

21 Jun 20241h 32min

The Biggest Political Divide Is Not Left vs. Right

The Biggest Political Divide Is Not Left vs. Right

The biggest divide in our politics isn’t between Democrats and Republicans, or even left and right. It’s between people who follow politics closely, and those who pay almost no attention to it. If you’re in the former camp — and if you’re reading this, you probably are — the latter camp can seem inscrutable. These people hardly ever look at political news. They hate discussing politics. But they do care about issues and candidates, and they often vote.As the 2024 election takes shape, this bloc appears crucial to determining who wins the presidency. An NBC News poll from April found that 15 percent of voters don’t follow political news, and Donald Trump was winning them by 26 points.Yanna Krupnikov studies exactly this kind of voter. She’s a professor of communication and media at the University of Michigan and an author, with John Barry Ryan, of “The Other Divide: Polarization and Disengagement in American Politics.” The book examines how the chasm between the deeply involved and the less involved shapes politics in America. I’ve found it to be a helpful guide for understanding one of the most crucial dynamics emerging in this year’s election: the swing to Trump from President Biden among disengaged voters.In this conversation, we discuss how politically disengaged voters relate to politics; where they get their information about politics and how they form opinions; and whether major news events, like Trump’s recent conviction, might sway them.Mentioned:“The ‘Need for Chaos’ and Motivations to Share Hostile Political Rumors” by Michael Bang Petersen, Mathias Osmundsen and Kevin ArceneauxHooked by Markus Prior“The Political Influence of Lifestyle Influencers? Examining the Relationship Between Aspirational Social Media Use and Anti-Expert Attitudes and Beliefs” by Ariel Hasell and Sedona Chinn“One explanation for the 2024 election’s biggest mystery” by Eric LevitzBook Recommendations:What Goes Without Saying by Taylor N. Carlson and Jaime E. SettleThrough the Grapevine by Taylor N. CarlsonSorry I’m Late, I Didn’t Want to Come by Jessica PanThoughts? 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 Annie Galvin. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Efim Shapiro and Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. 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.

18 Jun 20241h 10min

The View From the Israeli Right

The View From the Israeli Right

On Tuesday I got back from an eight-day trip to Israel and the West Bank. I happened to be there on the day that Benny Gantz resigned from the war cabinet and called on Prime Minister Benjamin Netanyahu to schedule new elections, breaking the unity government that Israel had had since shortly after Oct. 7.There is no viable left wing in Israel right now. There is a coalition that Netanyahu leads stretching from right to far right and a coalition that Gantz leads stretching from center to right. In the early months of the war, Gantz appeared ascendant as support for Netanyahu cratered. But now Netanyahu’s poll numbers are ticking back up.So one thing I did in Israel was deepen my reporting on Israel’s right. And there, Amit Segal’s name kept coming up. He’s one of Israel’s most influential political analysts and the author of “The Story of Israeli Politics” is coming out in English.Segal and I talked about the political differences between Gantz and Netanyahu, the theory of security that’s emerging on the Israeli right, what happened to the Israeli left, the threat from Iran and Hezbollah and how Netanyahu is trying to use President Biden’s criticism to his political advantage.Mentioned:“Biden May Spur Another Netanyahu Comeback” by Amit SegalBook Recommendations:The Years of Lyndon Johnson Series by Robert A. CaroThe World of Yesterday by Stefan ZweigThe Object of Zionism by Zvi EfratThe News from Waterloo by Brian CathcartThoughts? 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 Claire Gordon. Fact-checking by Michelle Harris with Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Sonia Herrero. 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.

14 Jun 202455min

The Economic Theory That Explains Why Americans Are So Mad

The Economic Theory That Explains Why Americans Are So Mad

There’s something weird happening with the economy. On a personal level, most Americans say they’re doing pretty well right now. And according to the data, that’s true. Wages have gone up faster than inflation. Unemployment is low, the stock market is generally up so far this year, and people are buying more stuff.And yet in surveys, people keep saying the economy is bad. A recent Harris poll for The Guardian found that around half of Americans think the S. & P. 500 is down this year, and that unemployment is at a 50-year high. Fifty-six percent think we’re in a recession.There are many theories about why this gap exists. Maybe political polarization is warping how people see the economy or it’s a failure of President Biden’s messaging, or there’s just something uniquely painful about inflation. And while there’s truth in all of these, it felt like a piece of the story was missing.And for me, that missing piece was an article I read right before the pandemic. An Atlantic story from February 2020 called “The Great Affordability Crisis Breaking America.” It described how some of Americans’ biggest-ticket expenses — housing, health care, higher education and child care — which were already pricey, had been getting steadily pricier for decades.At the time, prices weren’t the big topic in the economy; the focus was more on jobs and wages. So it was easier for this trend to slip notice, like a frog boiling in water, quietly, putting more and more strain on American budgets. But today, after years of high inflation, prices are the biggest topic in the economy. And I think that explains the anger people feel: They’re noticing the price of things all the time, and getting hammered with the reality of how expensive these things have become.The author of that Atlantic piece is Annie Lowrey. She’s an economics reporter, the author of Give People Money, and also my wife. In this conversation, we discuss how the affordability crisis has collided with our post-pandemic inflationary world, the forces that shape our economic perceptions, why people keep spending as if prices aren’t a strain and what this might mean for the presidential election.Mentioned:“It Will Never Be a Good Time to Buy a House” by Annie LowreyBook Recommendations:Franchise by Marcia ChatelainA Place of Greater Safety by Hilary MantelNickel and Dimed by Barbara EhrenreichThoughts? 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. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Efim Shapiro and Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Elias Isquith and Kristin Lin. Original music by Isaac Jones and Aman Sahota. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. 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 Jun 20241h 31min

The Republican Party’s Decay Began Long Before Trump

The Republican Party’s Decay Began Long Before Trump

After Donald Trump was convicted last week in his hush-money trial, Republican leaders wasted no time in rallying behind him. There was no chance the Republican Party was going to replace Trump as their nominee at this point. Trump has essentially taken over the G.O.P.; his daughter-in-law is even co-chair of the Republican National Committee.How did the Republican Party get so weak that it could fall victim to a hostile takeover?Daniel Schlozman and Sam Rosenfeld are the authors of “The Hollow Parties: The Many Pasts and Disordered Present of American Party Politics,” which traces how both major political parties have been “hollowed out” over the decades, transforming once-powerful gatekeeping institutions into mere vessels for the ideologies of specific candidates. And they argue that this change has been perilous for our democracy.In this conversation, we discuss how the power of the parties has been gradually chipped away; why the Republican Party became less ideological and more geared around conflict; the merits of a stronger party system; and more.Mentioned:“Democrats Have a Better Option Than Biden” by The Ezra Klein Show“Here’s How an Open Democratic Convention Would Work” by The Ezra Klein Show with Elaine KamarckBook Recommendations:The Two Faces of American Freedom by Aziz RanaRainbow’s End by Steven P. ErieAn American Melodrama by Lewis Chester, Godfrey Hodgson, Bruce PageThoughts? 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, Kate Sinclair and Rollin Hu. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota and Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. 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.

4 Jun 20241h 6min

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