Russian gas addiction is a very real problem for Europe (and soon Boston?) but the solution is no mystery. It’s fracking here, LNG and development of UK gas.
CNN Money has a fascinating story about Russian gas addiction in Europe. It’s a problem that’s come to our shores as well with Russian LNG entering Boston this past winter. What’s most interesting about the CNN Money article is that it ignores the obvious root of the addiction problem and the obvious solution. The problem is failure to develop natural gas resources in Europe (and pipelines to Boston). The solution is a combination of more natural gas development here and in the UK, for instance, and LNG.
Here are some excerpts from the article (emphasis added):
Try as it might, Europe just can’t dump Russia…
The European Union imports 69% of its natural gas, according to the European Commission. The latest available data shows 37% of the imported gas comes from Russia, about 33% from Norway, and 11% from Algeria.
And while the European Union vowed to cut its dependency on Russian gas after the crisis in Ukraine, Russian exports to Europe have risen to record levels in the last two years…