Chickens coming home to roost. I'd want to get out of Europe too...
Wall Street Journal (10/10/21) reports: "Amid a border surge, pandemic and inflation, here’s one problem that isn’t (yet) weighing on the U.S. political system: an energy crisis. In Europe energy prices have risen by a factor of five in the last year, and Vladimir Putin is exploiting the situation for Russia’s gain. It’s a reminder that America’s energy production is a source of strategic strength that it risks trading away for climate dreams. Europe’s energy system, which has sought to banish domestic fossil fuels, has left the Continent vulnerable to the global surge in oil and gas prices. The Financial Timesreports that 'the strength of the wind blowing across northern Europe has fallen by as much as 15 per cent' in 2021... The predicament of America’s European friends is especially striking against the backdrop of the Biden Administration’s energy policy at home. It has canceled the Keystone XL pipeline in the U.S. and is using the regulatory state to suppress American drilling, even as National Security Adviser Jake Sullivan pleaded with the OPEC oil cartel and Russia in August to ramp up production...Energy supply is a key asset in the global balance of power. Russia and China know this, and the Biden Administration’s obsession with unrealistic climate goals at the expense of energy security will do real harm to the U.S. economy and global interests."
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