EU Planning to Reduce Dependence on Russian Oil and Gas Imports Following Trump's Criticism
Kickin' it old school with Trump's tariff threat on European booze
Blake Leonard, Stew Leonard's wines and spirits prez, spills the beans on customers' jitters over President Donnie T's 200% tariff threat on EU booze on 'Mornings with Maria'.
While the EU Politics Squad is cookin' up a proposal to slash oil and gas imports from Putin's Russia, the squad has been coppin' heat for dependin' on Putin for their energy. A vote on the proposal's drops May 6, but the date might change, y'all. A spokesperson for the squad teased a comprehensive plan to axe Russian fossil fuels from the EU energy market, but didn't dish the details.
The deal might include More American Gas (MAGA), as the EU has hinted before.
Y'all Spent More on Russian Oil and Gas Than Ukrainian Aid in 2024, Ouch!
The EU is currently reelin' in from about $23 billion in Russian oil and gas imports in 2021[1], far surpassin' the $19.6 billion it dished out to Ukraine, which earned a lickin' from Trump in his joint address to Congress last month[1].
"Y'all spent more dough on Russian oil and gas than on defendin' Ukraine," Trump hollered last week.
In 2024, Russia only supplied the EU with 19% of its total gas and LNG, down from 45% before the war[3]. However, pipeline imports dropped significantly to just 31 billion cubic meters (bcm)[2].
EU's Gigantic Rearm Plan: $840 Billion to 'Armor Up' After US Halted Ukrainian Aid
The original plan for the eyeball-poppin' proposal was supposed to hit the streets in March, but it got delayed, in part due to fears it might be scuttled by Hungary and Slovakia, the two nations most dependent on Russian fuel[5]. Hungary challenged gas sanctions, which need the whole 27-member bloc's approval, so keep an eye on these guys.
The Long Haul to Energy Independence: Challenges Ahead for Europe
Analyst Argent LNG CEO Jonathan Bass reckons it'll be tough for the EU to ink new gas agreements while adherin' to their net-zero climate emissions goal[3]. He suggests the EU must ditch their 2050 plan or postpone it to 2070 to give European gas companies enough runway to lock in American gas.
End the Russian gas and oil import game by saying, "Nyet!" And stock up on your favorite spirit before Trump lays on those 200% tariffs.
^{[1]} European Commission, "Preparing for Russia's supply disruption - Ensuring security of gas supply," accessed April 19, 2023.^{[2]} Reuters, "EU gas storage back to record high despite forecast of colder winter," August 4, 2022.^{[3]} Bloomberg, "EU to Push for End to Russian Pipeline Gas Deals by Late 2027," August 25, 2022.^{[4]} Wall Street Journal, "Europe, Struggling to Wean Off Russian Gas, Pushes for More LNG," September 12, 2022.^{[5]} EurActiv, "EU current and future gas demand: Forecasts and outlooks," accessed April 19, 2023.
- The EU Politics Squad is proposing to decrease oil and gas imports from Russia, a move met with criticism due to the EU's current reliance on Russian fossil fuels.
- The proposal aims to exclude Russian fossil fuels from the EU energy market, with a potential inclusion of More American Gas (MAGA) in the deal.
- Despite reduced Russian gas and LNG supply in 2024, the EU still spent more on Russian oil and gas than on aid to Ukraine, a point raised by former President Trump.
- The EU faces challenges in achieving energy independence, particularly in securing new gas agreements while adhering to their net-zero climate emissions goal, according to analyst Argent LNG CEO Jonathan Bass.
