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.

Avsnitt(470)

The Emergent Trump Doctrine

The Emergent Trump Doctrine

Trump has been making some foreign policy moves I didn’t entirely expect. He seems determined to get a nuclear deal with Iran. He’s been public about his disagreements with Benjamin Netanyahu. He called Vladimir Putin “crazy.” And he keeps talking about wanting his legacy to be that of a peacemaker. So what, at this point, can we say about Trump’s foreign policy? What is he trying to do, and how well is it working? If he succeeds, what might his legacy be? Emma Ashford is a senior fellow at the Stimson Center, a foreign policy think tank, and the author of the forthcoming book “First Among Equals.” She comes from a school of thought that’s more sympathetic to the “America First” agenda than I typically am. But she’s also cleareyed about what is and isn’t working and the ways that Trump is an idiosyncratic foreign policy maker who isn’t always following an “America First” agenda himself.  Book Recommendations:A Superpower Transformed by Daniel SargentThe Strategy of Denial by Elbridge ColbyA World Safe for Commerce by Dale CopelandThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Rollin Hu, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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.

3 Juni 1h 4min

Our Lives Are an Endless Series of 'And'

Our Lives Are an Endless Series of 'And'

This is a bit of a strange episode. It’s an attempt to explore the difficulty of everything we’re supposed to feel in a day. We’re in a time when to open the news is to expose yourself to horrors — ones that are a world away, others that are growing ever closer, or perhaps have already made landfall in our lives. And then many of us look up from our screens into a normal spring day. What do you do with that?But that’s not new or exceptional. It’s the human condition. It exists for all of us, and it always has: life intermingling with death, grief coexisting with joy. Kathryn Schulz’s memoir, “Lost & Found,” is all about this experience — the core of her book isn’t losing a parent or finding a life partner. It’s the “and” that connects them both. How do we hold all that we have to hold, all at once? How do we not feel overwhelmed, or emotionally numbed? I found this to be a beautiful conversation. But it’s also a conversation — particularly at the beginning — about loss and grief. That was the part that felt truest to me, and so I hope noting it doesn’t warn you off. But I wanted to note it. Book Recommendations:A Place of Greater Safety by Hilary MantelSpent by Alison BechdelWho Is Government? Edited by Michael LewisThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to the Talbot County Free Library. 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 Maj 1h 6min

The Growing Scandal of $TRUMP

The Growing Scandal of $TRUMP

Steve Bannon famously talked about using “muzzle velocity” as a strategy: doing so much so quickly that you overwhelm the ability of the media to cover it. I think what the Trump family is doing with crypto is muzzle velocity for corruption.What they’re doing isn’t necessarily illegal. It would be if these were official campaign donations; the sums involved are so large, and the buyers include foreign nationals. But the Trump family is making this money personally. And they’re doing it across so many different crypto ventures, it’s almost impossible to keep track.So that’s what I wanted to do with this episode: try to track at least some of it.The person I’ve enlisted to help me out is Zeke Faux. He’s the author of the fantastic book “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall” and an investigative reporter at Bloomberg, where he’s been covering many of these strange Trump family crypto schemes.This episode contains strong language.Mentioned:“Trump Crypto Venture Has Talked to Binance About Doing Business” by Zeke FauxBook Recommendations:A Distant Mirror by Barbara W. TuchmanNixonland by Rick PerlsteinGretel and the Great War by Adam SachsThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Richard Painter. 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 Maj 1h 3min

Trump’s Big Budget Bomb

Trump’s Big Budget Bomb

Trump’s “big, beautiful bill” is the cruelest and most irresponsible piece of domestic legislation to be seriously proposed in my lifetime.When you think about this bill, you should think about risk. It would increase our risk of a fiscal crisis by adding a hefty sum to our nation’s debt, at a time when we’re alienating the countries that typically buy our debt. It would slash food stamps and strip health insurance from millions of people, increasing the risk that the safety net won’t be able to catch any of us, at a time when President Trump’s tariffs have increased the risk of a recession.It’s what I’m calling the Big Budget Bomb. And if it passes, we’ll all be in the blast radius.My guest today is Catherine Rampell. She’s an opinion columnist at The Washington Post and an anchor on MSNBC. She’s been covering this closely, so I asked her to come on the show to help talk through all the different risks this bill brings.Editor’s note: This episode was recorded before the House passed Trump’s domestic policy package.Mentioned:“Arkansas’s Medicaid experiment has proved disastrous” by Catherine Rampell“The Time Tax” by Annie Lowrey“Barbara Kingsolver Thinks Urban Liberals Have It All Wrong on Appalachia” by The Ezra Klein ShowBook Recommendations:Our Dollar, Your Problem by Ken RogoffDemon Copperhead by Barbara KingsolverShy by Mary Rodgers and Jesse GreenThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones and Aman Sahota. Our senior engineer is Jeff Geld. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Tyson Brody. 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.

23 Maj 1h 5min

How Groupthink Protected Biden and Re-elected Trump

How Groupthink Protected Biden and Re-elected Trump

This episode is about a seemingly simple question: Was there a Joe Biden cover-up?Jake Tapper and Alex Thompson’s new book argues there was. “Original Sin: President Biden’s Decline, Its Cover-Up, and His Disastrous Choice to Run Again” details how Biden’s top advisers closed the circle around him and tried to conceal the extent of his decline.But I think the story here is more complicated. If Biden’s top advisers were misleading the public, I think they were also lying to themselves. And if there was a cover-up, it had a lot of holes; voters had been telling pollsters they were worried about Biden’s age for years.So I wanted to have Tapper on the show to talk about the discoveries in his book, but also about some of the bigger questions raised by the Democratic Party’s decision to almost renominate Biden: How do you see what is right in front of your eyes? How do you avoid letting loyalty to a person or a party blind you?This episode contains strong language.Mentioned:“Democrats Have a Better Option Than Biden” by Ezra Klein“Behind Closed Doors, Biden Shows Signs of Slipping” by Annie Linskey and Siobhan HughesBook Recommendations:Lorne by Susan MorrisonHitler’s People by Richard EvansThe Holy Roller by Andy Samberg, Joe Trohman and Rick RemenderThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Kelsey Kudak. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Michelle Harris, Rollin Hu, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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.

21 Maj 1h 20min

Is Trump Losing? A Debate

Is Trump Losing? A Debate

Is Donald Trump eroding American democracy and consolidating power for himself? Or is he trying to do that and failing? Is this what sliding toward authoritarianism looks like? Or is this what a functioning democracy looks like? And how can you tell the difference?Two articles came out recently that offer very different perspectives on these questions. In Vox, Zack Beauchamp wrote a piece called “Trump Is Losing,” which argues that Trump’s efforts to cow his enemies and consolidate power are not organized or strategic enough to make a serious dent in our democratic system. In The New Yorker, Andrew Marantz published a piece that he reported in Hungary, about how life in a modern authoritarian regime doesn’t look and feel like you might expect: “You can live through the big one, it turns out, and still go on acting as if — still go on feeling as if — the big one is not yet here,” he writes.So I invited both Beauchamp and Marantz on the show to debate these big questions: What timeline are we on? What signs are they looking at? If we’ve crossed the line into authoritarianism, how would we know? Is Trump losing? Or is it possible he’s already won?This episode contains strong language.Mentioned:How Democracies Die by Steven Levitsky and Daniel Ziblatt“The Path to American Authoritarianism” by Steven Levitsky and Lucan A. Way“How Will We Know When We Have Lost Our Democracy?” by Steven LevitskyLucan Way and Daniel Ziblatt“Don’t Believe Him” by Ezra Klein“The Emergency Is Here” by Ezra KleinDemocracy May Not Exist But We’ll Miss It When It’s Gone by Astra TaylorRecommendationsPolitical Liberalism by John RawlsEichmann in Jerusalem by Hannah ArendtA World After Liberalism by Matthew RoseMelting Point by Rachel CockerellI’m Still Here (film)The Constitutional Bind by Aziz RanaThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Rollin Hu and Jack McCordick. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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.

16 Maj 1h 13min

‘We Have to Really Rethink the Purpose of Education’

‘We Have to Really Rethink the Purpose of Education’

I honestly don’t know how I should be educating my kids. A.I. has raised a lot of questions for schools. Teachers have had to adapt to the most ingenious cheating technology ever devised. But for me, the deeper question is: What should schools be teaching at all? A.I. is going to make the future look very different. How do you prepare kids for a world you can’t predict?And if we can offload more and more tasks to generative A.I., what’s left for the human mind to do?Rebecca Winthrop is the director of the Center for Universal Education at the Brookings Institution. She is also an author, with Jenny Anderson, of “The Disengaged Teen: Helping Kids Learn Better, Feel Better, and Live Better.” We discuss how A.I. is transforming what it means to work and be educated, and how our use of A.I. could revive — or undermine — American schools.Mentioned:Brookings Global Task Force on AI EducationWinthrop’s World of EducationBook Recommendations:Democracy and Education by John DeweyUnwired by Gaia BernsteinBlueprint for Revolution by Srdja PopovicThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Alexander Gil Fuentes and Switch and Board Podcast Studio. 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 Maj 1h 8min

Best Of: Margaret Atwood on American Myths and Authoritarianism

Best Of: Margaret Atwood on American Myths and Authoritarianism

A good rule of thumb is that whatever Margaret Atwood is worried about now, the rest of us will likely be worried about a decade from now. The rise of authoritarianism. A backlash against women’s social progress. Climate change leading to social unrest. Advertising permeating more and more of our lives.We originally released this episode back in March 2022. But just like Atwood’s work, it somehow only got more relevant with time. Atwood is the author of at least 17 novels, including the classic “The Handmaid’s Tale,” as well as 20 books of poetry and nine collections of short fiction. When we spoke, she’d just published an essay collection, “Burning Questions.” And she has a new book coming out this fall, “Book of Lives: A Memoir of Sorts.”Mentioned:Art & Energy by Barry LordBook recommendations:War by Margaret MacMillanBiased by Jennifer L. EberhardtSecrets of the Sprakkar by Eliza ReidCharlotte’s Web by E. B. WhiteLord of the Rings by J. R. R. TolkienThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com. You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Annie Galvin, Jeff Geld and Rogé Karma. Fact-checking by Michelle Harris, Kate Sinclair and Mary Marge Locker. Special thanks to Kristina Samulewski, Coral Ann Howells and Brooks Bouson. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin, Jack McCordick and Aman Sahota. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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.

9 Maj 1h 7min

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