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Impact Of The Drive For Energy Security

Jean Boivin, PhD profile picture
Jean Boivin, PhD


  • We see the West’s drive for energy security slowing growth, increasing inflation and stoking demand for non-Russian fossil fuels to alleviate consumer pain.
  • Data last week showed U.S. inflation at 40-year highs and a robust labor market. We expect the Fed to deliver on this year’s projected rate rises and then pause.
  • Global activity gauges this week may show how surging commodities prices are affecting global economies. We see Europe as most vulnerable to the shock.

Oil Or Gas Transportation With Blue Gas Or Pipe Line Valves On Soil And Sunrise Background

onurdongel/E+ via Getty Images


Russia’s invasion of Ukraine has caused a horrific humanitarian crisis, and the world has responded. Nations and governments have severed financial and business ties with Russia and are seeking to reduce their reliance on Russian oil


This article was written by

Jean Boivin, PhD profile picture
Jean Boivin, PhD, is head of economic and markets research at the Blackrock Investment Institute. Prior to joining BlackRock, Dr. Boivin served as deputy governor of the Bank of Canada and as Finance Canada’s associate deputy minister and G7/G20 deputy. He has taught at Columbia Business School and HEC Montreal. He writes about the global economy, global markets and policy.

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Comments (1)

An excellent piece. We are seeing first hand the insane policy of relying on adversaries. Ask Germany. The true answer is nuclear, with renewables as a supplemental source; while fossil fuel use transitions downward. Hopefully before climate change goes ripping by the tipping point. Politicians do not want to hear this! Yet! When they do it may be too late. Saving the planet is an “all in” proposition, which in itself might be a bridge too far.
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