WASHINGTON (AP) — The USA will enhance exports of liquefied pure gasoline to Britain underneath a brand new settlement calling for the 2 international locations to work collectively to spice up vitality safety and drive down costs following Russia’s invasion of Ukraine.
President Joe Biden and British Prime Minister Rishi Sunak introduced the settlement Wednesday as half of a bigger effort to scale back world dependence on Russian vitality exports, stabilize Western vitality markets and step up collaboration on vitality effectivity, nuclear energy and renewables. The U.Ok.-U.S. Power Safety and Affordability Partnership will likely be steered by a brand new group led by senior British and White Home officers.
Beneath the deal, the U.S. pledged to export at the least 9 billion to 10 billion cubic meters of liquefied pure gasoline, or LNG, over the subsequent yr through U.Ok. terminals — greater than double the quantity exported in 2021. U.S. gasoline exports to Europe have sharply elevated following Russia’s invasion of Ukraine in February. The brand new dedication “will likely be good for each U.Ok. and European companions as we glance to replenish gasoline storage subsequent yr,” the White Home and prime minister’s workplace mentioned in an announcement.
“Throughout this world vitality disaster introduced on by Russia’s unlawful invasion of Ukraine, it’s extra essential than ever for allied international locations to deepen their cooperation to make sure resilient worldwide techniques which replicate our shared values,” Biden and Sunak mentioned in a joint assertion.
Working with allies, the US and United Kingdom “commit to accentuate our collaboration to assist worldwide vitality safety, affordability and sustainability, as Europe reduces its dependence on Russian vitality,” the leaders mentioned.
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Assistant U.S. Treasury Secretary Elizabeth Rosenberg mentioned Tuesday that Russia’s invasion of Ukraine “created the uncertainty that drove the worth of oil up” from a pre-invasion common of $70 per barrel to a excessive of greater than $140 per barrel.
In consequence, “Russia has reaped a windfall from elevated oil costs — which has enabled it to fund brutal navy operations and maintain its unlawful and unjust battle in opposition to Ukraine, all whereas the remainder of the world bears the prices of upper vitality costs,” she mentioned. The value cap coverage is designed to “restrict Russia’s potential to revenue from its aggression, whereas selling world vitality stability by retaining Russian oil in the marketplace,” Rosenberg mentioned at an anti-corruption convention.
The discounted worth went into impact Monday, timed to an EU embargo on Russian oil shipped by sea and a ban on insurance coverage for these provides. The value cap, which was led by the G-7 rich democracies, goals to forestall a sudden lack of Russian oil that would result in a brand new surge in vitality costs and additional gasoline inflation.
Of their bilateral settlement, the U.S. and British governments pledged to work “proactively” to determine and resolve any points confronted by exporters and importers, whereas additionally working to scale back world reliance on Russian vitality.
The 2 international locations additionally will search to expedite growth of so-called clear hydrogen derived from pure gasoline and renewable sources, in addition to promote nuclear energy as a safe vitality supply.
Related Press author Fatima Hussein contributed to this story.
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