A construction site of the Nord Stream 2 gas pipeline, near the town of Kingisepp, Russia, in 2019. The country provides about one-third of the gas and crude oil imported by the European Union.Credit...Anton Vaganov/Reuters
Help me here. Biden shuts down US gas and oil pipelines. Natural gas and fuel prices go through the roof. Inflation takes off. Now we see that Biden told the European nations to not worry. The US will supply all their needs if Russia cuts them off.
We have this special report for you.
American officials have been scrambling to find additional alternative energy supplies — particularly of natural gas. It is an effort to pre-empt what U.S. officials believe will be one of Mr. Putin’s key strategies: cutting off gas supplies to European markets unless they break with the sanctions that the United States and other allies have threatened if Russia invades Ukraine.
The theory is that, once they are reassured about energy supplies, European allies will be far more willing to sever Russian financial institutions from the international banking system, and to join in new export controls that would bar Russian manufacturers from receiving semiconductors and other key parts that are based on American designs.