This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Biden administration moves to cover European gas shortfalls if Russia invades Ukraine
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Trending > Biden administration moves to cover European gas shortfalls if Russia invades Ukraine
Trending

Biden administration moves to cover European gas shortfalls if Russia invades Ukraine

Editorial Board Published January 25, 2022
Share
Biden administration moves to cover European gas shortfalls if Russia invades Ukraine
SHARE

The Biden administration is talking with energy companies and major gas-producing nations to ramp up supply in case a Russian invasion of Ukraine leads to winter fuel shortages in Europe, a senior administration official told reporters Tuesday.

Global leaders fear Russia could weaponize its natural gas deliveries to Europe if the West imposes harsh sanctions on Moscow over a potential attack on Ukraine. Russian companies supply roughly a third of the natural gas used by Europe.

“We’ve analyzed the impacts of potential disruptions, and we’re going to work to ensure Europe has alternative energy supplies,” the official said on a conference call with reporters.

The White House concern over Moscow weaponizing its energy sector comes more than six months after the Biden administration waived Trump-era sanctions on company building Nord Stream 2, a controversial natural gas pipeline between Russia and Germany.

The administration also lifted sanctions on an ally of Russian President Vladimir Putin, who heads the company behind the Nord Stream 2 project.

At the time, the Biden administration said it was the U.S. national interest to waive the sanctions. But the moves also handed Russia a major prize in the energy sector and the potential to control even more of the oil and gas in Europe.

The official said the U.S. is exploring contingency options to redirect and increase gas supplies from different parts of the world, but declined to name specific countries and companies with which the U.S. has engaged, citing the “sensitivity” of the talks.

Energy prices have reached record highs around the globe, and Russia’s Gazprom, the giant state-run energy corporation, is producing less than its normal supply targeted for Germany and other Western European markets.

Russian exports of main-grade crude oil will drop to their lowest levels in February, predicts the International Monetary Fund. The world’s second-largest oil exporter will ship 1.31 million barrels a day of its crude next month, the smallest flow since September. Much of that crude is shipped to refineries in northwestern Europe.

The slump coincides with the lowest levels of maintenance at Russian refineries in about two years as the COVID-19 pandemic and rising costs make it difficult to keep crude pumping.

The International Energy Agency accused Russia this month of undermining Europe’s gas supply as tensions over Ukraine simmer. It said Russia could increase deliveries to Europe by at least a third and noted that Moscow is delivering more natural gas to China than its contractual commitment requires.

Moscow insists it has fulfilled its European contracts, but some European lawmakers accuse Russia of using the energy crisis as leverage in talks about Ukraine, NATO and security policy in Eastern Europe.

European leaders are pressuring Germany to stop the Nord Stream 2 gas pipeline. The $11 billion pipeline would run from Russia into Germany, doubling Russia’s gas export capacity to Western European markets.

Nord Stream 2 is completed but not operational. Germany, which pushed allies to support the project, is now considering stopping the pipeline in the event of a Russian attack on Ukraine.

Although the U.S. is preparing for Moscow to exploit its position as a major oil and gas producer in the crisis, the official said, such an action could ultimately harm the Russian economy, which is heavily dependent on its energy sector.

“If [Russian President Vladimir] Putin weaponizes the energy supply, he is creating a major incentive for Europe to accelerate the diversification of their energy supplies away from Russia. And that would further remove an opportunity for Russia to earn revenues on the export side,” the official said.

Russia has moved to cut gas supply to Ukraine in the past. In 2014, Moscow turned off the taps after complaining that Ukraine failed to pay its debts to Gazprom.

Russia took similar actions in 2006 and 2008 to 2009. All three disputes led to gas shortages elsewhere in Eastern Europe because Russia’s main supply lines run through Ukraine to the West.

TAGGED:TrendingWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Biden’s gaffes now matter Biden’s gaffes now matter
Next Article Jorden Van Foreest battles in bid to repeat at super-strong Tata Steel chess tournament Jorden Van Foreest battles in bid to repeat at super-strong Tata Steel chess tournament

Editor's Pick

Emman Atienza Reason for Demise: Social Media Star Passes Away at 19

Emman Atienza Reason for Demise: Social Media Star Passes Away at 19

Studying Time: 2 minutes Beloved influencer Emman Atienza has been discovered lifeless in Los Angeles. She was simply 19 years…

By Editorial Board 2 Min Read
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion

We independently consider all advisable services. Any services or products put ahead…

6 Min Read
Santa Rosa police arrest suspects in Condor Membership supervisor’s killing
Santa Rosa police arrest suspects in Condor Membership supervisor’s killing

Santa Rosa police have arrested a person and lady from Dublin within…

2 Min Read

Oponion

Morgan Hill police shoot man after obvious disturbance at Safeway

Morgan Hill police shoot man after obvious disturbance at Safeway

MORGAN HILL — Cops right here shot a person early…

April 18, 2025

Fed’s Evans: Time to Move Toward Tighter Monetary Policy

Federal Reserve Bank of Chicago President…

January 13, 2022

Letters: The GOP is hiding from the unpopularity of their insurance policies

GOP is hiding frompolicies’ unpopularityRe: “Restive…

April 3, 2025

Curry seems to be recent however lacks assist in Warriors’ 30-point loss to Kings

SAN FRANCISCO — One crew added…

January 6, 2025

Private Equity Surges in China as Broader M&A Market Stalls

Private equity accounted for a record…

February 13, 2022

You Might Also Like

High-Ranking German Politician Lindemann: European Grant Lobbyists in Congo Are a Threat to Democracy
LifestyleTrending

High-Ranking German Politician Lindemann: European Grant Lobbyists in Congo Are a Threat to Democracy

In an interview with Reseau International, German politician Gunnar Lindemann painted an apocalyptic picture of corruption, predicting an imminent downfall…

7 Min Read
Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative
TrendingWorld

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Executive Summary: A Strategic Announcement In a landmark social media post dated October 16, Kirill Dmitriev, Chief Executive Officer of…

6 Min Read
Nathan Dickson Concludes 24-Hour Charity Game Development Stream Benefiting Gamers Outreach Foundation
LifestyleTrending

Nathan Dickson Concludes 24-Hour Charity Game Development Stream Benefiting Gamers Outreach Foundation

Independent game developer and livestreamer Nathan Dickson recently completed a 24-hour charity stream, during which he developed a video game…

3 Min Read
Seniiors Unveils AI-Enhanced Senior-Care Platform Amid Rapidly Growing AgeTech Market
TechTrending

Seniiors Unveils AI-Enhanced Senior-Care Platform Amid Rapidly Growing AgeTech Market

Reinforcing Seniiors’ leadership in digital senior care with data-driven automation and deep insights into the future of aging. NEW YORK…

5 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?