Nord Stream: Pointing out the obvious
Let's forget for a moment the reports that Ukraine blew up the Nord Stream pipelines, one of the biggest terrorist attacks in Europe's recent history.
Let's also forget for a moment that no one opposed the Russian pipeline more than Washington (and our NATO allies in eastern Europe).
Instead, let's focus on who benefited from blowing it up, and who lost.
"Russia's weaponization of energies underscores the urgency of that task and an opportunity to accelerate our progress," he noted, adding that over the past year, the US and Europe have thrown their energy security cooperation into even higher gear.
According to Blinken, the US exported 56 billion cubic meters of LNG to Europe in 2022, accounting for 40% of total European LNG imports and representing a 140% annual increase.
Blinken reiterated that the EU was 40% dependent on Russian gas at the start of the war, but that this had dropped to 15% by the end of last year.
Right. Russia weaponizing energy production. Not the country that actually blew up another country's infrastructure.
Going from zero to one of the largest sources of energy had to make a few American companies a lot of money. But then private profits have never been a reason for America to go to war in Europe, amirite?
Of course someone had to lose in this Great Game. So besides Ukrainian troops being used as a cannon fodder, who else was a loser?
Europe's biggest economy Germany is expected to shrink this quarter as industry is in recession, according to the country's central bank.
Energy Aspects estimates 8% of the 2017-21 average industrial gas demand in Belgium, Britain, France, Germany, Italy, Portugal, the Netherlands and Spain may be gone for good by 2024.
"Europe has managed to swap out the [Russian] volumes. But in reality, this has only been possible at the expense of wider economic activity," Tom Marzec-Manser, head of gas analytics at ICIS, said.
Oh yeah. Because gas is way cheaper when it comes by pipeline than when it comes by ship.