President Biden's plan to ramp up liquefied natural gas shipments to Europe to help the continent ween itself off Russian energy won applause from the oil and gas industry, but risks drawing the ire of progressives who want the White House to focus on combating climate change.
The Biden administration announced last week that it will work with international partners to supply at least 15 billion cubic meters of extra LNG supplies to Europe this year. Members of the European voting bloc also committed to receiving 50 billion cubic meters of American fuel until at least 2030 – part of a broader plan to reduce their reliance on Russia, which accounted for 40% of gas shipments last year.
Oil futures rose on Tuesday morning, following a volatile start to the week, as the market weighed a coordinated international release of crude inventories against Russian supply disruptions in the wake of Moscow's invasion of Ukraine. "Building even more LNG export terminals would lock in fossil fuel infrastructure and pollution for decades to come," Shepard said.– including eliminating greenhouse gases from power plants by 2035 – he has fully embraced fossil-fuel expansion in an effort to punish Moscow over its invasion of Ukraine one month ago.
U.S. President Joe Biden speaks on the economy in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Tuesday, Nov. 23, 2021.
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