European gas prices surged this morning after Russia’s state-owned energy company cut off the supply of gas to NATO members Poland and Bulgaria.
Wednesday that Russia’s move “could eventually force targeted nations to ration gas and deal another blow to economies suffering from rising prices.”added. “Natural gas prices in Europe shot up 25% before the market opened Wednesday and then eased off but remained significantly higher.”Wednesday that “Gazprom unilaterally cutting gas supplies to Bulgaria and Poland today makes it clearer than ever that Europe needs to move quickly to reduce its reliance on Russian energy.
Gazprom unilaterally cutting gas supplies to Bulgaria & Poland today makes it clearer than ever that Europe needs to move quickly to reduce its reliance on Russian energy— Fatih Birol Prior to Russia’s full-scale assault on Ukraine, the European Union relied on Russia for around 40% of its gas supply and 27% of its oil imports, dependence that initially left E.U. members hesitant to target the Russian fossil fuel industry.
Last month, the Biden administration announced that it would take steps to increase U.S. gas exports to E.U. nations as they attempt to wean themselves off Russian fossil fuels. The U.S. move, which climate advocates
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