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Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s flagship crude grade is…

Macron Lashes Out At United States Over Double Standard Energy Policies

U.S. trade and energy policies have created a “double standard”, with Europe left paying higher prices for its natural gas, French President Emmanuel Macron said on Friday.

France, the latest—and largest--country to withdraw from the Energy Charter Treaty, has switched from being a net exporter of energy last year, to being a net importer of energy this year, after problems with its nuclear fleet surfaced.

To compensate for its declining nuclear fleet and Russia’s complete halt of natural gas shipments into the country, France has turned to the United States for LNG—only Macron is unhappy with the price it’s paying. 

U.S. natural gas exports to France increased 421% during the first eight months of 2022—but the value of that LNG increased by 1094% in August alone due to the higher prices of LNG.

“The North American economy is making choices for the sake of attractiveness, which I respect, but they create a double standard,” Macron explained at a Brussels news conference on Friday, with the United States enjoying low energy prices at home, while exporting at record prices.

“In addition, they allow state aid going to up to 80% on some sectors while it’s banned here -- you get a double standard. It comes down to the sincerity of transatlantic trade,” Macron added, after earlier in the week referring to both the United States and Norway as those who are reaping “the real superprofits,” in what Macron calls benefiting from “geopolitcal war unearned income.”

With ties already strained over the previously botched nuclear deal between France and the United States, Macron is scheduled to visit the United States in early December, and the subject of energy is likely to be a prime focus.

By Julianne Geiger for Oilprice.com

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  • Steve Walser on October 23 2022 said:
    Not only are we happy to harvest as many dollars as possible from the EU nations during this crisis but the US will welcome all the companies moving production to our shores to avoid ruinous costs at home. This is just a "happy coincidence", I'm sure, not actually part of the plan (wink, wink) as we helpfully widen the war in Ukraine and sanction even more Russian energy.
    It's plain to see why the US supports the policies we do as we are benefiting hugely from them but what is more opaque is why the Europeans haven't seen the obvious yet?
  • Mamdouh Salameh on October 22 2022 said:
    Since the United States started supplying the EU with LNG, there have been growing complaints among some EU members particularly Germany that it is charging the EU exorbitant prices for its LNG supplies.

    Now even French President Emmanuel Macron was driven to accuse the US with double standards in its dealings with the EU leaving Europe paying higher prices for LNG while the US is enjoying low energy prices at home because of state aid. Whilst U.S. LNG exports to France increased 421% during the first eight months of 2022, the value of that LNG increased by 1094% in August alone due to the higher prices of LNG.

    The French President is going to raise energy prices with his US counterpart during his visit to Washington in early December.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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