The United States and its allies are scrambling to come up with contingency plans in case the crisis in Ukraine stifles supplies of Russian gas, which is essential in powering companies and heating homes across Europe.
Without Russian gas, Europe would not be able to last long, and finding alternative supplies would be a logistical nightmare - a reality that is raising fears about the continent's energy security amid winter season.
US, Germany step up pipeline warnings
This week, senior White House officials told reporters that they are in talks with nations and businesses about increasing production. They are also attempting to figure out how to redirect natural gas to Europe from other sources.
It would, however, be difficult to carry out such a large-scale intervention in the energy markets. It takes years to establish new pipelines and gas liquefaction plants. And, at a time when the world market and transportation networks are already overburdened, rerouting substantial quantities of fossil fuel would need the assistance of major gas producers like Qatar, which may not have much leeway, according to CNN.
Despite Moscow's chilly words, the US and Germany cautioned Russia on Thursday that if it invaded Ukraine, a vital gas pipeline would be jeopardized. Washington expressed hope for a diplomatic solution.
Top officials in Moscow said that their main concerns were not addressed a day after the US and its partners formally responded to Russia's security requests, but they did not rule out fresh discussions. The United States has warned Russia that if it invades Ukraine, it would face swift and devastating consequences despite the fact that Moscow has tens of thousands of troops on the border with its Western-leaning neighbor.
German Foreign Minister Annalena Baerbock told parliament that her government was "working on a tough package of penalties" with allies that would include Nord Stream 2 after concerns of fractures within Europe.
Despite protests from the US and Eastern Europeans, Germany has proudly completed the pipeline, which would treble Russian natural gas supplies to Europe's largest economy.
A key official in Washington expressed confidence that an invasion would prevent Germany from launching the multibillion-dollar project, which was finished in September. However, it still has to be tested and approved by regulators, as per NDTV.
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What may US-Russia tensions imply about fuel prices
Prepare for a greater shock if you believe gas prices are already too high this year. As the omicron variant fades and the spring driving season begins, more drivers are likely to take the road. If a conflict breaks out in Ukraine or if US-led nations impose harsh sanctions on Russia, prices are projected to soar considerably higher.
State-by-state, prices vary greatly. In Kentucky, they range from $2.98 per gallon to $4.64 per gallon in California. Refineries will start converting back to their warmer-weather mixes, which are more difficult and expensive to create, in roughly a month.
If there is any good news, it is that prices might rise considerably higher in the future, notwithstanding current levels. Because of the increase in COVID-19 instances caused by Omicron, many employees have been forced to stay at home, unable to go into their offices, which has stifled their desire to drive. In the Northeast, a series of cold spells has followed, USA Today reported.
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