Biden administration to work with EU to prevent energy supply crisis

0


National Security Advisor Jake Sullivan said on Thursday the United States would work with Europe to ensure energy supplies keep pace with growing demand, according to Politico.

Why is this important: Energy prices have soared around the world due to extreme weather conditions, increasing demand and supply constraints. The costs have had an impact on the economic recovery after COVID-19.

Get market news worthy of your time with Axios Markets. Subscribe for free.

  • “We would like to be aligned with Europe in this strong proposition that we want to see enough supply to cope with the recovery in demand,” Sullivan said, per Politico.

  • “Much of this will have to be worked out for close coordination among energy consumers, in which we are engaged and through detailed diplomatic engagement with energy producers, in which we are also engaged,” he said. -he declares.

What they say : European Commission President Ursula von der Leyen said on Wednesday that the problem of high energy prices was serious, while Sullivan added that he feared the supply would not meet demands for resumption.

  • “We have a fundamental interest in seeing global energy supplies – and both gas and oil – at levels sufficient to support a global economic recovery and not block it,” Sullivan said.

  • Von der Leyen also stressed the importance of investing in renewable energy to avoid future price spikes, according to Reuters.

  • “Gas prices are skyrocketing,” said von der Leyen, “But renewable energy prices have declined in recent years and are stable.”

  • “It is very clear that with long-term energy, it is important to invest in renewable energies which give us stable prices and more independence because 90% of gas is imported into the European Union”, she declared.

More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free


Share.

About Author

Leave A Reply