The European Union recently agreed to ban most Russian oil imports, an aggressive and punitive sanction against Moscow for its war against Ukraine. This will severely impact the Russian economy, but what does it mean for American energy prices?
Ann Bluntzer, Executive Director of the Ralph Lowe Energy Institute at TCU, appeared on KPRC 2+ Monday to share her insights. She recently returned from Europe where she met with the International Agency and the U.S. Department of Energy.
“This is a hard decision for the member countries of the EU to make, especially in regard to their own energy security,” Bluntzer said. “The EU is funding Russia’s war machine to the tune of almost a half-billion dollars per day by purchasing oil, natural gas liquids and refined products. It is a necessary step, not only to be free from future reliance on Russian imports, but also to force Europe’s hand to secure resources elsewhere.”