The war in Ukraine has turned Russia’s biggest company into a massive money loser.
Russian President Vladimir Putin, flanked by Gazprom CEO Alexei Miller, in Saint Petersburg on Wednesday in a photo distributed by Russian state agency Sputnik. Further evidence — not that any was needed — of the catastrophic idiocy of Vladimir Putin’s war in Ukraine is found in an internal study, the analysis concluded that the loss of European customers for Russian natural gas in response to Putin’s aggression cannot be made up by exports elsewhere for at least a decade.
This is the opposite of propaganda. It is a truth that Russian insiders are admitting to themselves. Their golden goose has been roasted on the whim of their delusional boss, and next up for the Russian economy is likely to be Venezuelan-style inflation, as the cost of the ruinous war is paid in currency that has scant economic output to bolster it.
It’s time for President Biden to ensure the taming of Russia by reversing one of his most shortsighted panders — hison development of facilities for exporting LNG. This action — a sop to the climate caucus of the Democratic base, which wrongly believes that all fossil fuels are equally bad — will slow what had been the rapid emergence of U.S. exports as an alternative to Russian gas.
As an environmental policy, the LNG pause is a flop. Use of abundant natural gas supplies — the United States has become the world’s leading energy producer — to replace much dirtier coal in generating electricity has been a major factor in thein the United States. Natural gas can do the same in other heavily coal-dependent countries, notably China and India, where emissions are rising dangerously.
Don’t believe Putin’s desperate hogwash about Russian strength and Russian victory. The backbone of his economy, Gazprom — a company far more important to its country than any single company has ever been to the United States — has shown us the truth. Now is not the time, Mr. President, to take your foot off the gas.
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