Europe is weathering its second winter since it cut itself off from Russian natural gas, but beyond that, without its own sufficient supplies, the continent remains vulnerable to the whims of a volatile global market. That vulnerability is now beginning to resurface, as the Biden administration presses pause on all new LNG export projects, sending waves of concern throughout Europe, which has traded dependence on Russian gas for dependence on American LNG. In the short term, this meant significantly higher energy prices throughout…
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