Daniel Yergin and Carlos Pascual write in The Washington Post about how Europe can cut off Russian gas and oil without causing chaos.
- Europe has sanctioned Russian coal, but it can do more to truly cut off Russian energy and defund Putin’s war in Ukraine.
- Both the U.S. and Europe should reduce regulations and expedite the building of energy infrastructure such as LNG terminals and pipelines.
- Countries such as Germany can also eliminate dependence on Russia by not shutting off its remaining nuclear plants.
- Significantly reducing Russia’s share in the global energy market is necessary to countering Putin, but will require cooperation between governments and industries.
“A decade ago, Putin denounced the ‘fracking’ shale revolution, recognizing it as a threat. He was right to worry. If the United States had not gone from importing 60 percent of its oil to becoming the world’s No. 1 producer and, this year, the world’s largest exporter of LNG, Europe might now be his hostage. Now, Putin has revealed just how formidable a strategic asset U.S. oil and gas is — not only for the United States but also, in this deepening crisis, for Europe.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
