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Russian energy: Europe scrambles to reduce its dependency

KIFI

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Europe is scrambling to reduce its natural gas dependence on Russia, and it won’t be easy. Governments are rolling out plans for new gas imports and pipelines. But that’s going to take time. For now, they’re rounding up more liquid gas that can come by ship instead of by pipeline from Russia. But the pressure is on because gas prices have hit a record for a second day in a row Thursday. Gas is still flowing for now, but that price spike is being driven by fears that eventually Western sanctions will either hit Russia’s gas and oil business or that Russia may retaliate by restricting supply.

Article Topic Follows: AP National Business

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