Biden: Gas Crisis Is an 'Opportunity' to 'Double Down on Clean Energy Goals'
President's remarks come amid soaring gas prices
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Joe Biden has announced that the U.S. would help Europe reduce its dependence on Russian oil, but said the gas crisis would be an "opportunity" to push for “clean energy goals.”
“It’s going to take some time to adjust gas supply chains and infrastructure that were built for the last decade so we’re going to have to make sure the families in Europe can get through this winter and the next while we’re building an infrastructure for a diversified, resilient and clean energy future,” Biden said.
WATCH:
Biden says that the gas crisis is an "opportunity" to "double down on our clean energy goals." pic.twitter.com/rhnIziY5zn
— TheBlaze (@theblaze) March 25, 2022
Meanwhile, Americans are suffering historically high gas prices
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But Biden said the pain at the pump is good because it’s an “opportunity” to “double down on our own clean energy goals.”
Biden’s remarks come as Russia faces crippling sanctions from the West, with the ruble trading around 100 to the dollar in recent days.
As Neon Nettle reported:
The Kremlin has decided to demand countries pay in rubles rather than dollars for gas and oil.
Russian President Vladimir Putin said they would demand that countries it has labeled “hostile” to Russia, including the U.S., U.K., and European Union countries, to pay in rubles for Russian gas.
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Putin also ordered the central bank and government to determine the scheme of ruble payments for Russian gas and ordered Gazprom to make corresponding changes to gas contracts.
The Russian leader also said they would continue supplying contracted volumes, will only change payment currency.
According to the F.T., the imports mean Russian supplies account for about 15% of Europe’s diesel consumption.”
"The thing that everybody’s concerned about will be diesel supplies,” said Russell Hardy, chief of Switzerland-based oil trader Vitol.
“Europe imports about half of its diesel from Russia and about half of its diesel from the Middle East.”
Gas futures linked to TTF Europe’s wholesale gas price have swung from about €70 a megawatt-hour before Russia’s invasion of Ukraine to about €230 two weeks ago and then slid below €100 this week.
Before May 2021, European gas prices were below €20 a megawatt-hour.
