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The new global order after the Russian invasion of Ukraine is set to create new winners and losers in energy as trade flows are changing. Russia is still receiving close to $1 billion in oil and gas revenues every day as Europe continues to buy Russian gas and is panicking over the possibility of Russia cutting off gas supply entirely. In the short term, Russia may have a winning hand, having hooked major European economies to its natural gas. Russia’s invasion of Ukraine has set in motion a series of events that will forever change the global energy order. In the medium- and long-term, the United States is in a very strong position to take advantage of these new dynamics . While Russia is benefitting from high oil and gas prices in the near time, the long-term outlook for its energy industry is poor.