U.S. cashes in on energy crisis of its ‘good friend’ Europe

Cartoon by Ma Hongliang

European countries have been plunged into an energy crisis as their sanctions against Russia following the outbreak of the Russia-Ukraine conflict have backfired.

Soaring production costs, skyrocketing prices, and rising living costs have posed major risks and challenges to Europe’s economy.

However, as European countries come under great pressure due to the energy crisis, the U.S. has decided to take advantage of the situation by selling energy to them at high prices.

Data released by the U.S. Energy Information Administration (EIA) showed that the U.S. exported liquefied natural gas (LNG) to other countries at $12.76 per thousand cubic feet in July this year, up 76.5 percent from $7.23 in the same period in 2021, Agence France-Presse (AFP) reported recently.

In June this year, the price of U.S. LNG exports surged 119 percent year on year to $14.37 per thousand cubic feet, according to AFP.

The U.S. has drawn widespread criticism from the international community for its blatant profiting at the expense of its ally.

As French President Emmanuel Macron pointed out, selling energy to its friends at a price four times more than at home “is not exactly the meaning of friendship”.