After the oil price climbed to its highest level since 2008 in the previous week, the countries want to end their dependence on Russian oil and natural gas supplies.
![Soaring Oil Prices may Accelerate Phase-Out of Fossil Fuels Soaring Oil Prices may Accelerate Phase-Out of Fossil Fuels](https://blog.en.erste-am.com/wp-content/uploads/2022/03/20220310_PD7791.HR_-scaled-1-370x210.jpg)
After the oil price climbed to its highest level since 2008 in the previous week, the countries want to end their dependence on Russian oil and natural gas supplies.