The West is on the road to energy ruin

Since the beginning of the Ukraine war and the sanctions it triggered, energy prices have skyrocketed. Liz Truss has warned that soaring energy bills are a ‘price worth paying’ in order to stand up against Vladimir Putin. President Joe Biden has called this year’s rocketing bills ‘Putin’s price hike.’ Margrethe Vestager, vice president of the European Commission, has encouraged Europeans to take short, cold showers to conserve energy. ‘When you turn off the water, say ‘Take that, Putin!’’ she urged.

But are the high prices really Putin’s fault? He didn’t sanction himself, after all. It’s the West that chose to cut itself off from the Russian fossil fuels upon which it had come to rely. Moreover, the sanctions haven’t been an unqualified success — Russia’s corporate profits leapt 25 per cent between the imposition of the sanctions and the end of August.

So what are the origins of the current energy crisis? When did it really begin?

Let’s play a game.