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buy gas from the USA
Economy

Why it is unprofitable for Europe to buy gas from the US

01.06.2020
2 min read

U.S. domestic policy has a major impact on external processes. This is confirmed by the visit of Secretary of State Mike Pompeo to Munich, where he urged Europe to buy gas from the U.S. and give up Russian raw materials.

 Is it worth buying gas from the US: opinion of experts

Washington uses various levers of pressure on the leaders of the countries to weaken Russia’s position in the world and strengthen sanctions against it and Iran. This can be traced back to the latest trips of Secretary of State Mike Pompeo. In Hungary, he met with Prime Minister Viktor Orban, where one of the issues raised was energy imports. Washington insists on close cooperation to persuade Hungarians to participate in the construction of the Turkish Stream gas pipeline that runs through Central Europe. The U.S. government makes such statements so that the country buys liquefied gas from the U.S. and the volumes of Russian gas are reduced. According to Mike Pompeo, these measures will reduce Russia’s influence in the region and its revenues. Obviously, Washington is afraid that Russian rough exports to Europe may grow significantly, to the detriment of its own interests.

buy gas from the USA

Gas supplies to Hungary are important to the USA for other reasons as well. NATO members, which also includes this state, should cooperate in various directions, not only in the military segment. Therefore, purchasing goods from partner countries will strengthen ties within the Union.
Despite the convincing arguments and comprehensive work, the words of the state secretary did not arouse much emotion in the Hungarian government. Each side explains the failed result from its point of view. Western political analysts regard this position of the European country as manipulation of Russia, which has found strong instruments of influence on Orban. They argued this view with the existence of many financial and economic projects between countries. Moreover, the Europeans are known for their conservatism, including in the segment of energy resources. They prefer to cooperate with proven partners, which ensures stable supplies of quality raw materials. Buying gas from the USA may encounter various difficulties, which will not be the case while continuing to export from Russia.
Despite Russia’s stable position in Europe, one should not forget about the power of the USA. For several years the USA has been one of the major energy sellers in the world market. Shale gas production has increased in the USA, and thanks to the latest developments, it is actively exploring oil deposits.

But it undermines the authority of the state by its leader. Not always reasonable political statements by Donald Trump make Europe cautious about cooperation with the states. And despite several advantages, it chooses the good old supplier, which is Russia.

Tags: Global Economy
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Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

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Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

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