News
The US is surpassing Russia as Europe's top energy supplier
Europe’s energy divorce from Russia has been swift. Since the European Union banned purchasing seaborne Russian crude oil in December, Russia’s exports have fallen by 9%. That’s a big drop, mitigated only somewhat by increased exports to Asian countries not party to the ban.
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.