DAILY ON ENERGY: • Fracking revisited • Russian import ban now law • Oil prices down again
FRACKING REVISITED: After years of competing with and, according to former U.S. and NATO officials, funding opposition to U.S. and European frackers, the Kremlin is driving wary westerners back toward fracking.
The pressure had already been on from some Conservative MPs, who want to source more natural gas at home and dispute the argument underpinning the ban, which is that it’s unsafe. Soder name-checked the U.S., where gas prices have stood around eight and ten-fold cheaper than Europe’s benchmark in recent months.
Rasmussen said Russia worked with NGOs to discredit fracking, while Hill said Putin saw American fracking in particular “as a great threat to Russian interests.” He said last week “it remains the case that shale gas extraction is not the solution to near-term price issues.” A consensus quickly emerged that continuing normal trade with Russia amounted to funding the war itself. The bill was one among numerous other proposals like it, which lawmakers across the political map began introducing in the days after Russia moved into Ukraine in late February.
What to do in lieu: Since the import ban was first ordered, the Biden administration has announced its intention to progressively release Strategic Petroleum Reserve crude oil over the course of six months in addition to its asking producers to increase their output. MOUNTAIN VALLEY PIPELINE ON THE MOVE: The Federal Energy Regulatory Commission issued an order Friday unanimously approving the Mountain Valley Pipeline’s proposal for construction around protected wetlands.
“We have an ocean of energy under our feet with the Marcellus-Utica Shale,” Manchin said last week during the Transatlantic Energy Security Forum IV we covered.
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