JRL NEWSWATCH: “Russia Shows Its Growing Sway Over Global Energy Markets” – Wall Street Journal
“Moscow’s huge oil and gas reserves have given it more influence over Western and Chinese economies grappling with rising prices.”
“… The surge in European gas prices has shut down factories and left government officials scrambling to prevent rising energy bills before … winter. … European Commission … measures it believes national governments can take to alleviate … price increases[] [range] from tax cuts to price targets for low-income families. …
[T]he gas crunch has been caused by [various] factors, [e.g.,] low stockpiles, falling European production and rising Asian demand, [yet] Moscow’s reluctance to book large additional flows has exacerbated the deficit. European officials say Moscow is using that to pressure regulators into approving [controversial] Nord Stream 2 …. The pipeline would allow Moscow to bypass Ukraine and Poland, … critical of the Kremlin. …”