An oil tanker is moored at the Sheskharis complex in Novorossiysk, Russia, on Oct. 11, 2022. | AP PhotoThe Russian troops who poured into Ukraine a year ago had a seemingly powerful weapon to keep Kyiv’s would-be allies cowed — Moscow’s dominance of Europe’s oil and gas supplies.Instead, a flow of American energy that has given the United States a growing role in the continent’s economy, while pushing Russia to the side.
Europe’s reaction against its largest energy supplier’s attempt to remake the map has sent shockwaves through global markets. These were felt most acutely on the continent, where electricity and natural gas prices surged as much as 15-fold, prompting governments to spend more than $800 billion to ease consumers’ financial burdens.
“The war in Ukraine has demonstrated that U.S. LNG exports are not only of economic energy importance,” Yergin said in an interview. “They’ve also now taken on a strategic importance. U.S. LNG has become one of the foundations of U.S. and European energy security, part of the replacement for Russian gas and has even become part of the arsenal of NATO.”
Russia’s loss of major markets for its natural gas will continue to hurt Putin’s geopolitical influence and could have further implications for Russia, Fannon added. Moscow last year agreed to ship more natural gas to China, which is becoming one of its biggest customers for energy — a fact that may give Beijing more leverage over a Russia that’s increasingly isolated from the West, Fannon said.In addition to the surge in gas shipments to Europe — from the U.S.
In the oil market, U.S. crude exports rose by more than 10 percent for the first 11 months of 2022 compared with the same period of 2021, according to the most recent data from the U.S. Energy Information Administration. Shipments hit record highs in the final quarter of the year. The future looks brighter for U.S. LNG exports, which actually fell in 2022 after having risen for years. Anforced Freeport LNG, the Texas company that is the country’s second-largest LNG exporter, to shut down, eliminating 20 percent of U.S. gas shipments abroad. Freeport started shipping out gas in limited quantities earlier this year.
thank goodness the nordstream pipelines randomly exploded
You mean helped europe pay 400% more for their natural gas and deindustrialize their economy
I thought it was all about Ukraine getting their transfer fees guaranteed? At least that is what Merkel insisted on. Apparently this is suddenly not an issue anymore. Funny that 🥴
Yeah it’s great that we are shipping LNG over the ocean and selling it in Europe for jacked-up prices
Europeans leaders are US puppet, Germany economy is being crippled gradually gradually because companies are relocating to US as a result of high cost of energy for manufacturing. Europarl_EN think about your nations first and call for peace in Russian and Ukraine.
Good
Blowing up pipelines is good for business
Joe Biden blew up Nordstream
And now they are cowed by the US
That's the goal out of all of this
Thank you JoeBiden