Here are key things to know about the invasion's impact on energy:
Russia accounts for more than 30% of Europe's gas for home heating, industry and generating electricity, and other potential supply sources are not adequately prepared to bridge the gap if Russian gas is curtailed, Rystad Energy analysts say.
Some analysts believe regular gasoline could climb to $4 a gallon on average in the U.S. in the coming months. Farmers have seen higher costs to fuel their equipment and those costs will turn up in food prices as well. Some people who switched to discount providers — which rely on energy from wholesale markets — have been sticker-shocked with sharply higher bills or had their contracts canceled when the supplier faced losses from high prices.
“Russia's capacity to divert gas flows to China is very limited now and by the time it grows, the EU will have other options," said Alicia Garcia Herrero, chief economist for the Asia Pacific region at Natixis bank. Russian oil could be made up more easily than gas, analysts say. If there were supply disruptions, U.S. companies could, in theory, increase oil production and export more oil to Europe, while sanctioned Russian oil might wind up in China.The war has intensified questions about Europe's gas dependence on Russia.