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‘Drill, baby, drill’: America’s fossil fuel boom risks bust in Europe
(www.politico.eu)
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this post was submitted on 21 Jul 2024
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This is the best summary I could come up with:
So goes Donald Trump's typically hyperbolic argument on new oil and gas ventures, which Republicans trumpeted this week as they formally tapped the ex-president as their 2024 White House candidate.
Trump's plan centers on a bet that the U.S. can cash in on foreign demand if it rips up green legislation, massively expands offshore drilling and ends a Joe Biden-imposed moratorium on new liquid natural gas (LNG) export permits.
Some countries, such as Finland, Denmark and Lithuania, have virtually halved their demand, meaning they need far less gas than at any time in recent history, according to a report from the Institute for Energy Economics and Financial Analysis.
Pledging Europe will take "its energy destiny back into its own hands," European Commission President Ursula von der Leyen in April said that despite the shrinking demand, officials were still trying to negotiate the best deals in the meantime.
Its executive vice president and chief commercial officer, Anatol Feygin, told POLITICO that the rise in sales across the Atlantic was "not master puppeteered by the U.S government or Cheniere.
While extra American production will be helpful if Europe has unexpected power demands or an extremely cold winter, said Jason Bordoff, founding director of the Center on Global Energy Policy at Columbia University, the direction of travel is away from the West and toward the East.
The original article contains 1,407 words, the summary contains 223 words. Saved 84%. I'm a bot and I'm open source!