Soaring oil and gas prices in the wake of Russia's invasion of Ukraine have put a spotlight on U.S. energy security and investments in cheap, abundant, and independently produced power.

Initially, the basic response was to pump more oil, though diversifying energy sources with renewables has also become an increasingly compelling option over time.

“We don't want to be as dependent long-term on other parts of the world for our fuel, nor does Europe," Portia Capital Management Owner Michelle Connell, CFA, said on Yahoo Finance Live (video above). "And so that green movement is going to be enhanced over time."

Connell added that volatility in oil prices would increasingly lead investors to look more closely at funds oriented toward environmental, social, and governance (ESG) values, especially those that have been linked to the green energy transition.

“I noticed the first week of the Ukraine war, you had more investment houses that were either rolling out green products in the form of mutual funds or they were putting more marketing power behind those funds," she said. "I think there's a rationale behind that, obviously."

Accelerating inflows into ESG funds had been a growing trend prior to the conflict unfolding in Europe, though the industry has come under scrutiny after Bloomberg reported that sustainable funds billing themselves as ethical had $8.3 billion invested (out of $2.3 trillion in total sustainable assets) in Russia before its invasion of Ukraine. The value of those particular ESG fund holdings essentially evaporated after the U.S. and other countries cut financial ties with Russia.

'The only real energy security'

Nations looking to divorce themselves from Russian oil and gas have pursued alternative oil and gas sources in tandem with renewables — a dynamic that has added uncertainty to climate commitments.

“I think in the short term, investors and consumers want some relief in terms of prices," Connell said. "And we'll have some relief, maybe with more energy being turned on within our own country. And maybe we'll make more advantages towards the green movement, and we'll see more adoption of that as well."

The catch between short-term energy needs and long-term decarbonization is a tension the Biden administration has been grappling with in recent weeks as the White House aims to minimize U.S. dependence on fossil fuels overall.

"In the short term, we absolutely recognize that people are needing to drive to get to work and get to the grocery store," White House National Economic Council Director Brian Deese recently told Yahoo Finance Live. "And when the price of gas goes up, that hits people in their pocketbooks, which is why we're doing everything we can in the short term. But over the longer term, this crisis should underscore that the only way to reduce our dependence on oil is to use less oil.”

Deese added that "if this crisis is going to teach us anything it's that over the long term, the only real energy security comes from reducing our economy's dependence on oil and other fossil fuels, and we can do that over the long term."

There is some historical precedent for the current crossroads where U.S. investors and consumers sit: Amid the energy crisis of the 1970s, the U.S. decreased its reliance on oil and looked to other sources to supply power, primarily natural gas. Renewable energy and electric vehicles also became potential alternatives.

But while the oil intensity of global GDP peaked in 1973, as Bloomberg's Nat Bullard has underscored, global economies largely abandoned renewables once the crisis abated.

The question remains whether the impetus toward the green transition from the current crises — the Russia-Ukraine war and elevated inflation — will be sustained.

One key difference now is that the costs of solar and wind have plunged precipitously in the past decade, adding to their competitiveness. But energy storage, distribution, and the current state of electricity grids are still hurdles hampering the immediate rollout of wind, solar, and geothermal energy sources at scale in the U.S.

When it comes to the green movement in investing and energy, Connell said, "people will be more open to it now, if it doesn't come at too much of a price."

Grace is an assistant editor for Yahoo Finance.

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