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 [email protected]. 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.

Vladimir Putin was looking for a swift invasion that would halt Ukraine’s drift toward the West, reveal NATO’s fractures and weaknesses and solidify Russia as a global power. In response, the West threatened moderate sanctions, but ultimately showed little interest in stepping between Russia and Ukraine. Then came the war, and everything changed. Russia’s invasion met with valiant Ukrainian resistance. President Volodymyr Zelensky became an international hero. NATO countries unified behind a truly punishing sanctions regime and significant military support. Russia’s attack strengthened Ukraine’s national identity — and its desire to join the European Union. A conflict that the U.S. and Europe were treating as purely strategic is now a conflict about the West’s most fundamental values. Much of this has felt hopeful, even inspiring, to those watching from the comfort of home. But it has the potential to unleash a truly terrifying spiral of escalation. Putin, feeling backed into a corner, has raised the stakes. Last week, he called the West’s sanctions akin to an act of war and has put Russia’s nuclear arsenal on alert. And the global wave of support for Ukraine has made it increasingly difficult for Western leaders to de-escalate. In the fog of war, it isn’t hard to imagine an accident or miscommunication that triggers a World War III-like scenario. So what does a settlement here look like? What does Putin want? What would Zelensky accept? What will Europe and the U.S. sign onto? Is there any deal that could work for all the players? There are few people better positioned to answer those questions than Fiona Hill. Hill is a senior fellow in the Center on the United States and Europe at the Brookings Institution. She served as deputy assistant to the president and senior director for European and Russian affairs on the National Security Council under Donald Trump and as a national intelligence officer for Russia and Eurasian affairs under Barack Obama and George W. Bush. And she is the co-author of the influential Putin biography “Mr. Putin: Operative in the Kremlin.” We discuss how Putin’s motivations and ambitions have changed dramatically in the last decade, why Ukrainian identity is absolutely central to understanding this conflict, whether NATO expansionism is responsible for the current conflict, the different pathways the war could take, how political incentives have created a spiral of escalation for Russia, Ukraine and the West, whether the economic pain of the sanctions can incentivize regime change in Moscow, the possibility of China playing a mediating role in resolving the conflict, the dangers of backing Putin into a corner, whether Putin is willing to use nuclear weapons, what de-escalation could look like at this point, and much more. Book recommendations: Bloodlands by Timothy Snyder Not One Inch by M.E. Sarotte The Limits of Partnership by Angela Stent Putin’s World by Angela Stent Russia Under the Old Regime by Richard Pipes The Formation of the Soviet Union by Richard Pipes Thoughts? Guest suggestions? Email us at [email protected]. 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 Michelle Harris; 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.