There’s sticker shock at the gas pump. Hold tight. And bite your tongue.
On Tuesday morning, two big decisions were announced that will likely send prices even higher in an effort to punish Vladimir Putin for his invasion of Ukraine and further isolate his regime.
First, President Joe Biden, supported by Republicans and Democrats, agreed to ban Russian imports of oil and natural gas, saying the ban targets the “main artery” of the Russian economy.
Second, European Union leaders are proposing to scale back their reliance on Russian fuel by two-thirds.
The Commission’s decision would by far be the most far-reaching.
Today, Europe gets about 40 percent of its gas supplies from Russia, so not a soul will go unscathed.
The leaders see no choice.
“We must become independent from Russian oil, coal and gas,” European Commission President Ursula von der Leyen said Tuesday. “We simply cannot rely on a supplier who explicitly threatens us.” We must become independent from Russian oil, coal and gas. We simply cannot rely on a supplier who explicitly threatens us.European Commission President Ursula von der Leyen
Two things weigh in favor of the moves.
First, warmer weather is on its way.
Second, embargoes of this magnitude will send the Russian economy reeling.
Situated just across the border from a dictator whose want for power knows no bounds, Europeans say they’ll do anything to stop Putin’s bloodthirsty campaign.
The more lockstep Americans stand with Europeans to impress upon Putin this is a unified effort, the faster this geopolitical crisis will end.
TO FOLLOW through, European leaders say they will look posthaste to add more renewable energy sources and reduce consumption to help get through this year.
