There's really been nothing more central to the last 50 years of American history than

oil.

We can start with the energy crisis in the 70s that helped usher in the Reagan revolution.

Cheap gas fueled the growth of our suburbs and were now sprawled out from coast to coast.

Osam bin Laden in claiming responsibility for 9-11 said that it was intended to drive

US troops out of Saudi Arabia.

Then came the invasion and occupation of Iraq, and today we still occupy some of the largest

oil fields in Syria.

Russia's invasion of Ukraine isn't about oil or gas, but the global energy shock it has

created is rocking the world's economy.

Before that energy shock, oil prices were already soaring, thanks to the cartel of Saudi

Arabia, the UAE, and Russia keeping down production.

The result has been extreme political pain for Biden and for Democrats, and there's

every reason to think that was precisely the goal of it.

But the Russian energy shock is going to create economic chaos around the globe.

The amount of hunger and suffering and instability is likely to breed over the next several months

or more is incalculable.

Now the US is planning to ban Russian oil imports, but they don't make up a very significant

portion of our energy portfolio.

The same is not true for Europe, though, and they've committed to weaning themselves off

of it and trying to cut Russian imports by two thirds over the next year.

In that context, Germany announced it would be spending more than 200 billion euros

...