Europe’s energy shortage has deteriorated into a geopolitical crisis that President Biden has failed to address, let alone acknowledge. [bold, links added]
Their climate policies have pushed Europe away from reliable energy sources and towards less reliable options, causing benchmark oil prices to skyrocket above $100 a barrel and painful prices at the pump for consumers.
This has squeezed Europe’s energy supply, slowed their economic recovery, and, worst of all, subjected their collective security to nefarious actors like Russia.
The continent’s dire predicament has been years in the making, and the divestment in traditional energy sources has emboldened Moscow to increase its leverage over neighboring countries by establishing itself as a top natural gas supplier.
Today, approximately one-third of Russian gas fueling Europe crosses Ukraine. Recent events in the region have called into question the security and reliability of Russian energy, causing panic in global markets.
While shipments continued during Russia’s 2014 annexation of Crimea, there’s no guarantee they will continue this time around.
As Ukraine-Russia tensions come to a head, our strategic competitors and adversaries are seizing this opportunity to reposition themselves in the global energy market and international political landscape.
President Biden has enabled Russia’s recent aggression by unilaterally punishing American energy production.
He canceled the Keystone XL pipeline and federal drilling leases, which has left the world more reliant on Russian oil.
Biden also waived critical sanctions on the Nord Stream 2 pipeline, relinquishing U.S. negotiating power with Russia and increasing Europe’s dependence on Russian energy.
Unfortunately, the Biden Administration’s energy policy has dangerously played right into Putin’s hands.
Now more than ever, we should be encouraging domestic production, protecting American energy independence, and expanding our oil and gas exports.
American natural gas production has grown substantially since 2018 and is now equipped to provide significant amounts of energy to Europe and the rest of the world, but only if commonsense policies and leadership allow it.
The U.S. produces exponentially cleaner natural gas than Russia. If American energy were to replace Russian energy in Europe, global greenhouse gas emissions would fall by 72 million metric tons per year.
Promoting American energy production helps our partners in a time of crisis, supports workers here at home, and advances global emission reductions.
Energy experts and policymakers have long warned the Biden Administration of the ramifications of their energy policies in the global energy arena.
We introduced the Energy Security Cooperation with Allied Partners in Europe (ESCAPE) Act last March to expand American energy exports to Europe and NATO allies and reduce their reliance on Russian energy.
Additionally, our legislation would reestablish sanctions on Russian pipelines, including Nord Stream 2, that were signed into law but not enforced by President Biden until this week.
While Europe currently imports more than 40% of its natural gas from Russia, the ESCAPE Act would help make American energy more attractive and affordable.
America stands ready to provide her allies what Russia can’t: safe and reliable energy without any strings attached.
Had the policies prescribed in the ESCAPE Act been implemented, and President Biden acknowledged the global concern regarding Russia’s increased aggression and America’s energy retreat, the current situation could have been avoided.
Unfortunately, it is too late for any substantive action that is not simply a response to Putin’s invasion.
President Biden must recognize that his decimation of American energy opened the door for Russia’s ongoing aggression, diminished our leverage in negotiations, and resulted in a missed opportunity in meeting Europe’s energy demands.
It is clear—the only solution to lowering energy prices for consumers, protecting American energy independence, and stabilizing the situation in Europe is for President Biden to implement the ESCAPE Act and unleash the full power of American energy production.
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