❓WHAT HAPPENED: The European Union (EU) pledged to purchase $750 billion of American oil, gas, and nuclear energy over the next three years as part of a trade deal with the United States.
👤WHO WAS INVOLVED: U.S. Energy Secretary Chris Wright, EU Commission President Ursula von der Leyen, and President Donald J. Trump.
📍WHEN & WHERE: The agreement followed meetings in Brussels, Belgium, and Strasbourg, France, this week, with the trade deal initially struck at the end of July.
💬KEY QUOTE: “The huge American abundant energy resources allow us to be a key energy supplier to our allies around the world that previously have been buying oil and gas and other technologies from adversaries.” – Chris Wright
🎯IMPACT: The deal aims to reduce EU dependency on Russian fossil fuels while strengthening U.S.-EU energy ties and addressing global energy security concerns.
The European Union (EU) has committed to purchasing $750 billion worth of American oil, gas, and nuclear energy over the next three years, U.S. Energy Secretary Chris Wright revealed during his visit to Brussels, Belgium. This agreement is part of a broader reset in global energy relations.
“I think it’s a long-term change,” Wright stated, emphasizing the significant infrastructure investments required for energy trade, particularly liquefied natural gas (LNG). He added, “This isn’t going to be three and a half years, and it’ll all be over.”
While Wright portrayed the deal as a long-term partnership, the European Commission described it as a short-term measure to address immediate energy needs. Ursula von der Leyen, the EU Commission President, also called for the development of “clean homegrown energy” during a speech in Strasbourg, France.
Wright highlighted the mutual benefits of the deal, stating that it would help the EU phase out Russian fossil fuels. He noted that the US capacity to export LNG would double under the Trump administration. However, analysts have questioned the feasibility of the $750 billion target, though Wright argued it could be met by replacing Russian energy imports directly and indirectly.
Diplomatic sources suggest that President Donald J. Trump has pressed the EU to impose 100 percent tariffs on China and India, countries that continue to purchase Russian energy. Wright declined to comment on this but reiterated that the U.S. is positioning itself as a reliable energy supplier to allies worldwide. “The huge American abundant energy resources allow us to be a key energy supplier to our allies around the world that previously have been buying oil and gas and other technologies from adversaries,” he said.
Image: CC-BY-4.0: © European Union 2023– Source: EP.
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