The folly of this approach is now plain to see. After blocking the Keystone XL Pipeline and limiting oil and gas exploration, US President Joe Biden's administration has now gone begging to Venezuela and Iran to make up for a shortfall in energy supply. Similarly, although cracks have appeared, the Germans still can't bring themselves to allow nuclear power or fracking for natural gas. Efforts to strangle domestic fossil-fuel companies via financial regulation continue unabated. For example, on March 21, just as Russia's attack on Ukraine was driving gas prices sharply higher, the US Securities and Exchange Commission decided to announce expansive new climate-related disclosure rules designed to discourage fossil-fuel investment.