U.S. Energy Prices in Flux with Russia-Ukraine Crisis
The administration has been working to secure alternate sources of natural gas for Europe should Russia shut off exports, as well as pursue measures to keep U.S. gas prices in check.
Edited by Margo Ellis
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The Russian government’s moves to redraw the map of Ukraine, while threatening to conduct a wider and more devastating invasion, is already impacting turbulent energy markets.
The clearest way Americans will feel the price of the conflict may be in the form of energy costs, especially the price of gas at the pump.
Russia is one of the world’s top oil and gas suppliers, and Europe relies on the country for about 40% of its natural gas supplies.
- As expected, natural gas prices in Europe climbed Tuesday as a result of the ominous developments.
- In particular, Germany’s decision to halt the certification process for the Nord Stream 2 pipeline, which would carry Russian gas directly to Germany, is a potential paradigm shift in Europe’s energy politics.
- Depending on their severity and targets, European Union and U.S. sanctions could prompt Russia to curtail oil and gas exports to the West, forcing prices to rise and punishing NATO economies.
- U.S. officials warn this will only hasten Europe's energy diversification.
Read the complete Axios article here.
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