White House alarm rises over Europe as Putin threatens energy supply

[brooklynite]

Washington Post

White House officials are growing increasingly alarmed about Europe’s energy crisis and Russian President Vladimir Putin’s threats to force a bleak winter on the continent.

Seeking to punish Russia for the invasion of Ukraine and force a retreat, Western allies have moved to set a cap on what buyers pay for Russian oil. Putin last week said Russia would retaliate by cutting off gas and oil shipments, which could devastate Europe’s economy and hurt the United States by sending global energy prices soaring.

U.S. officials believe Putin’s bellicose rhetoric is at least partially a bluff, as Russia needs revenue from energy exports to finance its war effort, even at lower prices. But aides to President Biden have in recent days reviewed their efforts to export liquefied natural gas to Europe, aiming to see if there’s any way for American producers to help. (Nearly 40 percent of the natural gas Europe uses for heat and electricity came from Russia before the war started.) And while White House aides do not believe a recession in Europe would necessarily cause one here, a complete shutdown of Russian oil exports would seriously harm the U.S. economy, according to economists, energy analysts and internal White House assessments.

The escalating pressure from Russia could put new strains on a U.S.-Europe alliance that has proven surprisingly resilient since the start of the war, while also threatening to cloud the Biden administration’s recent economic victories ahead of the midterm elections this fall.

[Bayard]

1. I think Putin's days are numbered as Terrorist-In-Chief

Ukraine is taking out the trash.