It is a bittersweet victory. Petroleum demand is going to be forever destroyed -if you were on the fence about scaling renewables, all doubt has been eliminated. Energy dependence is a strategic nightmare, with a proven solution available for the taking. Solar, batteries, EVs, whatever you can install, as quickly as possible. There are already regional stories where solar-friendly Spain is seeing lower price changes than Italy because the renewables are lessening the impact of the closure.

However, if you were financially struggling before this happened, you are in for a world of hurt. Food, fuel, fertilizers, and dozens of downstream refined products are going to see large price increases for months to years.