News
EU Leaders Weigh Vow to Phase Out Reliance on Russian Energy
European Union leaders may authorize the deepest ever overhaul of the continent’s energy security strategy by pledging to phase out the bloc’s reliance on Russian fossil fuels, according to a draft statement seen by Bloomberg.
Related Knowledge Center: Energy security and pricing
State of Play
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.