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Tag: Oil
Pros and Cons of the Nord Stream 2 Pipeline
In spring 2021, President Joe Biden struck a deal with German Chancellor Angela Merkel to remove U.S. sanctions on a Russian company building a natural gas pipeline from Russia to Germany. While analysts suggested the move was made to protect U.S. relations with Germany, the decision was opposed by both Republicans and Democrats as well as several European countries. The Nord Stream 2 pipeline, constructed by the Russian state-controlled gas company Gazprom, is projected to double natural gas exports into Europe once German regulators certify the recently completed project. The pipeline runs under the Baltic Sea and bypasses Poland and…
Pros and Cons of the Keystone XL Pipeline
In one of his first acts in office, President Joe Biden signed an executive order revoking the construction permit for the Keystone XL pipeline, which would have routed approximately 830,000 barrels of crude oil a day from Canada to Nebraska on its way to Gulf Coast refineries. Biden’s move — the latest development for a project that has become a flashpoint for the climate change debate — was applauded by environmentalists and American Indian groups but sparked objections from the oil industry. The controversial project has spanned multiple presidential administrations. Former President George W. Bush approved the original Keystone pipeline,…
EU Embargoes Syrian Oil
As the unrest in Syria continues unabated and the number of civilian deaths grows — now over 2,200, according to the United Nations — the international community has begun to increase pressure on Syrian President Bashar al-Assad. On Saturday, the European Union instituted a ban on petroleum imports from Syria (although a full ban won’t be instituted until November, as Italy lobbied to allow existing import contracts be fulfilled). The United States has already instituted its own oil ban, but the EU’s actions will likely have a more significant effect on Syria’s economy. While the United States does not directly…