White House Pondering Options To Cut Russian Energy Consumption

The White House on Friday confirmed earlier reports that it is looking at options to cut US consumption of Russian energy. The White House labelled Russia’s attack on a nuclear plant in Ukraine as the “height of irresponsibility” and said that targeting civilian infrastructure would constitute a war crime.

An internal review is ongoing prior to last night on the evidence that Russia is targeting civilians, the White House said.

Similarly, Europe is scrambling to reduce its dependence on Russia for energy and bracing for potential disruption to critical natural gas supplies as Russia’s war in Ukraine sends prices to new highs.

Natural gas prices hit a record Thursday for a second day in a row as restrictions on oil and gas were increasingly treated as a possibility on the eighth day of the war, whether through Western sanctions or Russian retaliation.

That could mean even more pain to people’s wallets: Energy prices have been high for months because of low supplies, driving up the cost of everything from utility bills to groceries as businesses pass along their costs to customers.

Traders are factoring in the rising probability of sanctions on gas for each day the offensive continues.