Biden administration to work with EU to prevent energy supply crisis

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National Security Adviser Jake Sullivan said on Thursday that the US would work with Europe to ensure that energy supplies keep up with rising demand, According to Politico.

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why it matters: Energy prices have soared around the world due to extreme weather, rising demand and supply constraints. The cost has impacted the economic recovery from COVID-19.

  • “We want to align with Europe in this strong proposal that we want to see enough supply to improve demand,” Sullivan told Politico.
  • “A lot of this will have to work through closer coordination between the energy consumers we are engaged in, and through the wide, diplomatic engagement with the energy producers, in which we are also engaged,” he said.

What are they saying: European Commission President Ursula von der Leyen said on Wednesday that the issue of high energy prices was serious, while Sullivan said she was concerned that supplies were not meeting recovery demands.

  • “We have a fundamental interest in looking at the global energy supply – and both gas and oil – at a level sufficient to support and prevent a global economic recovery,” Sullivan said.
  • Von der Leyen also emphasized the importance of investing in renewable energy to avoid price increases in the future. according to Reuters.
  • “Gas prices are skyrocketing,” von der Leyen said, “but renewables, prices have come down over the years and are stable.”
  • “It is very clear that with energy in the long term, it is important to invest in renewable energy which gives us stable prices and more freedom because 90% of the gas is imported to the EU,” she said.
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