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Columbia Business School’s Gernot Wagner spoke with Inside Climate News about the surge in global oil prices triggered by the Iran conflict and what it reveals about energy security and inflation risks. Wagner explained that fossil fuels remain volatile commodities whose prices can fluctuate dramatically due to geopolitical tensions. He noted that price shocks highlight the economic vulnerability of countries that remain heavily dependent on oil and gas, underscoring the importance of accelerating the transition to cleaner energy technologies that become cheaper and more reliable over time.
