The unexpected energy crunch caused by Russia’s invasion of Ukraine has left Europe to reconsider its emissions-cutting goals. And U.S. oil producers want to help wean Europe from dependency on Russian oil.
Matt Smith with Kpler told Texas Standard that natural gas prices recently hit a 14-year high. That’s unusual during the “shoulder months” between winter and summer. Colder weather in parts of the United States and demand for U.S. energy in markets usually served by Russia are contributing factors.
Highlights from this segment:
– The United States is likely to continue exporting as much liquefied natural gas as possible to meet European demand.
– U.S. oil prices have gone up some 15% in the past week, meaning increased retail gas prices are not far behind.
– Last month, wind energy became the second-largest source of U.S. power generation.