Larry Kudlow reveals the 'savior' for U.S. energy independence
FOX Business host and former White House economic adviser weighs in on proposal to get Europe less dependent on Russian energy on 'The Story.'
Swaths of Europe are rushing to stake their energy independence and spur an energy revolution after natural gas powerhouse Russia invaded Ukraine.
"We must become independent from Russian oil, coal and gas. We simply cannot rely on a supplier who explicitly threatens us. We need to act now to mitigate the impact of rising energy prices, diversify our gas supply for next winter and accelerate the clean energy transition," European Commission President Ursula von der Leyen said this month.
The Netherlands, France, Poland, Belgium, the United Kingdom, Germany and Italy are all ramping up their energy sectors, including by expanding their wind, solar and nuclear energy options.
Wind turbines are pictured in RWE Offshore-Windpark Nordsee Ost in the North Sea, near Helgoland, Germany, May 11, 2015. (Reuters/Christian Charisius/Pool)
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Germany is Europe’s biggest gas guzzling country, and is working to speed up its wind and solar energy projects. Officials said this week they’re aiming to end the use of Russian oil and coal this year and natural gas by mid-2024.
While in Italy, the first wind farm in the Mediterranean is being built, and Rome officials are working to end the import of Russian gas by 2025. In Britain, Russian oil will be phased out by the end of this year, and officials are working on a plan to drastically expand their wind farms, as well as their nuclear power capabilities.
Russia’s grip on Europe’s energy sector has tightened in recent years, as European nations shunned fracking in their own countries, largely in response to climate activists, according to experts.
Maria Baronova said many Russians believe Vladimir Putin talking points that are parroted by state-run media. (AP Photo/Alexander Zemlianichenko, Pool)
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"Fifteen years ago, Europe produced more natural gas than Russia," Michael Shellenberger, author of "Apocalypse Never," told Fox News earlier this month. "Today, Russia exports three times more natural gas to Europe than Europe produces."
By this year, the European Union was importing 90% of its natural gas, 45% of which was from Russia, according to the European Commission. All in, about 45% of both Europe’s oil imports and coal imports come from Russia.
But the reliance began unraveling on Feb. 24, when Russian forces invaded Ukraine.
Natali Sevriukova reacts next to her house following a rocket attack on the city of Kyiv, Ukraine, Feb. 25, 2022. (AP Photo/Emilio Morenatti)
Poland announced just last week that it will cut Russian oil and coal imports by the end of the year, with Prime Minister Mateusz Morawiecki describing the move as "the most radical plan in Europe."
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Poland's announcement comes as the European Union has so far declined to sanction energy because it deeply depends on Moscow for fuel needed for everything from cars to heating homes.
"We are not at war with ourselves," Belgian Prime Minister Alexander De Croo argued at an EU summit in Brussels last week. "Sanctions must always have a much bigger impact on the Russian side than on ours."
Russia’s currency almost fully recovered its value as of the end of March, despite weeks of the crippling sanctions, as it relies on energy exports as well as currency controls.
"There was an immediate shock or reaction from the Russian market and the markets outside Russia, which is why we saw this immediate legitimate panic and legitimate downturn," Anthony Kim, a research fellow in economic freedom at the Heritage Foundation, recently told FOX Business. "And where we are now is a different kind of period."
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The ruble has recovered some of its lost value, with $1 equal to around 83 RUB as of Thursday. The exchange rate prior to the invasion saw $1 equal to roughly 83.53 RUB.
"I think it’s just part of the process … I don’t think this is any meaningful recovery, it’s an ongoing process," Kim said. "What’s more important and more critical is the next step."
As debate continues on whether the EU will level energy sanctions on Russia and the war in Ukraine lasts more than a month, von der Leyen has urged European nations to act swiftly on their energy sectors and become "truly independent."
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"The quicker we switch to renewables and hydrogen, combined with more energy efficiency, the quicker we will be truly independent and master our energy system," von der Leyen said this month.
Fox News' Peter Aitken contributed to this report.
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