In the Media

Prof. Simon Johnson and Prof. Catherine Wolfram write for The Los Angeles Times about the impact of high oil prices on the Russian invasion of Ukraine. “Russia is earning fistfuls of money from its oil sales, and using the revenues to buy tanks, pay soldiers and keep the war out of the minds of ordinary Russian citizens,” explain Johnson and Wolfram. “High oil prices enable Putin to test Western democracies’ resolve, and the dysfunction on Capitol Hill plays into his hands. That makes maintaining the oil price cap, with added protections, all the more important for reducing Putin’s ability to continue fighting.”