4 ms·
"As they attempt to reduce their reliance on Russian energy, EU countries are turning to gas from the U.S. instead — but the price Europeans pay is almost four
by photochemsyn 4y ago
"As they attempt to reduce their reliance on Russian energy, EU countries are turning to gas from the U.S. instead — but the price Europeans pay is almost four times as high as the same fuel costs in America."
Well, that was the plan, really. In late 2021 the industry-business press had more than a few articles bemoaning the US natural gas supply glut, and that was a a theme Russia's energy sector complained about as well, see this from 2020:
https://www.reuters.com/article/us-gazprom-europe-idUKKBN26X1EN https://www.reuters.com/article/us-gazprom-europe-idUKKBN26X...
Sure Covid had something to do with it, but LNG is not jet fuel. Clearly, there was a battle shaping up over who was going to get to 'light Europe', and that was tied into finances and balance-of-payment concerns - i.e. the USA doesn't care if Gulf Arab states sell gas and oil to Europe, because those are US client states who recycle sales money back into the US banking system. Russia doesn't do that, so it's a competitor, not a collaborator.
Europe could have acted differently - it could have built out renewables to a greater extent starting two decades ago (technologically, that was feasible), or it could have rejected the oil-finance sanctions on Russia over the Ukraine war - so they did make their own bed.
What, were they relying on the beneficial warm-heartedness of Wall Street? Did they expect the fossil fuel executives and finance oligarchs to decline a giant surge in profits so poor Europeans wouldn't have to pay more to heat their homes? Greedy sociopaths are not known for such benevolent behavior, even if they pay millions to PR experts in an attempt to convince the public of their altruistic spirits.