G7 Summit Impacts Gas Prices Worldwide & Most Important NATO Summit Ever?! | Oh My World!

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Welcome back to Oh My World! with Hagar Chemali, your weekly dose of world news and foreign policy! Be sure to like, subscribe, and hit the notification bell for all things Bold.

Annual G7 Summit

The G7 is the group of seven nations that have the largest economies in the world and they meet every year to discuss a range of political, economic, and security priorities.

They agreed to explore a plan that was devised by US Treasury Secretary Janet Yellen that would look to cap the price of Russian oil.

The idea is basically that you group together everyone involved in purchasing oil. So governments, shipping companies, insurance companies etc. and they all unite and tell Russia that they're not buying their oil unless it's a certain price.

And so limiting that price would prevent Russia from reaping a ton of profit off the oil they do continue to sell while also having the added benefit of preventing oil prices from further increasing because then the overall amount of oil supply on the global market would stay the same. So it's a win win. But is it?

Some say this idea is iffy since who's to say everyone's gonna buy it? And also if the oil is deeply discounted, won't China and India just buy more of it? They're already gobbling up Russia's oil. And then how do you really know how to play out in the global market?

Or Russia could react by saying punishing everyone by removing our oil from the market altogether, which could then drive prices up to $200 a barrel.

Oil is a tricky business which is a friendly reminder to our leadership as to why renewable energy is urgent.

Clearly, the G7 knows that all this talk about oil makes them look a little off brand on climate change, Ssnce they also announced it would be creating a climate club. But environmentalists were clearly unimpressed.

President Zelensky spoke to the G7 and he expressed his hope for the war to end by the end of the year, which brings us to the importance of the NATO summit, which took place just after the G-7 meetings.

NATO Summit & Ukraine War Latest

The NATO summit that took place this week is one of the most important in its history.

NATO's original purpose when it was created in 1949 by a group of Western states, was to create a defense alliance in order to provide collective security against the Soviet Union.

And so now that Russia has invaded a country bordering NATO territory, projecting NATO's strength and unity is more important than ever.

And luckily that's exactly what happened this week.

NATO countries promised more military aid to Ukraine and they heavily beefed up their troops along NATO's borders from 40,000 to 300,000.

But perhaps the most important decision made at the summit is that Turkey, which is a member of NATO, reached an agreement with Finland and Sweden to allow them to join the club too.

One of Putin's biggest goals in invading Ukraine was to weaken NATO and divide its membership and to ensure it never expanded further. And now the opposite has happened.

This show of strength comes amid a few concerning developments in the Ukraine war, Russia has secured control over the eastern industrial city of several Donetsk, which basically solidified their control over the eastern side of Ukraine.

This week they bombed a shopping mall in the central city of the country and they did it during the day when civilians were innocently shopping there.

Of course Russia claims the mall was a weapons depot, but that's such a blatant lie and it's easy to know that because if it were the truth then they would have likely struck it at night, which is when most militaries do it.

But they did it during the day because they deliberately wanted to kill civilians, which is exactly how dictators fight war.

Want to see more on these topics, and who’s on our Crush List and $h!t List this week? Stay tuned to the video!

What do you think? Let us know in the comments below!

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