Posted on 03/05/2022 10:03:18 AM PST by MinorityRepublican
Russian President Vladimir Putin’s war in Ukraine has jolted Europe’s slow-moving efforts to wean itself off Russian natural gas, but time is running out, threatening to leave consumers cold and factories idle by next winter.
Whether the Kremlin turns off the taps in retaliation for sanctions or Europe stops buying, European policy makers agree that they need to prepare for a future with much less Russian energy, if any.
Untethering Europe’s gas market from Russia would represent a monumental change for a continent that has grown so reliant on gas from the Siberian permafrost that it has built little infrastructure needed for alternative supplies.
The European Union gets around 40% of its gas from Russia—and that dependence has grown in recent years. This week, as the West sought to hobble Russia with sanctions, the EU was paying as much as 660 million euros—roughly $722 million—a day to Russia, according to the Bruegel think tank. That is triple the level before Russia invaded Ukraine.
“It has become painfully clear that we cannot afford to leave to any third country the power to destabilize our energy markets or influence our energy choices,” Kadri Simson, the EU’s energy commissioner, told the European Parliament on Thursday.
Replacing Russian gas is easier said than done, however. Many liquefied natural gas terminals that receive deliveries from the U.S. and Qatar are maxed out. Two new terminals approved by the German government this week will only be built in three years at the earliest, one of the companies involved has said.
(Excerpt) Read more at wsj.com ...
What business is it of ours?
I don’t understand either. Or how the US can block other countries’ projects.
It’s about time! Russia is going to lose $50 billion out of ~$2 trillion GDP, if it doesn’t reroute elsewhere.
Europe is going to lose 40% of energy. Welcome to the 19th century, and good luck trying to compete with China on the market. And where do they plan to get fertilizers to plant crops? Maybe the Saudis will sell some, but it won’t be cheap or plentiful.
The idea is to make Europe a forever client and uncompetitive economy. The truth about LNG is not the shortage of terminals, but overall lack of capacity and atrocious price.
President Trump called them out on this dereliction of responsibility in blunt and uncompromising terms in 2018. Simple farts wouldn’t listen.
Um … duh
Putin has the Democrats on his payroll
“Europe Fears It Could Be Too Late to Shake Off Russian Gas Addiction”
Europe should kick their unhealthy addiction to Ruskie gas and start an addiction to good old Merican gas.
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