European Union institutes mandatory gas storage ahead of possible Russian cuts
FOX News
6/27/2022
-
Mike Huckabee reveals how Republicans could explain they have a better recipe for America
Fox Business -
This tax and spend bill should not have been passed: GOP lawmaker
Fox Business -
Larry Kudlow: The economy has turned from boom to bust
Fox Business -
Energy expert forecasts oil prices to jump higher and hurt consumers
Fox Business -
Dodge is reinvigorating the American muscle car industry with ‘electrification’: Dodge CEO Tim Kuniskis
Fox Business -
Dodge redefines the electric vehicle industry with the release of their plug-in hybrid Hornet
Fox Business -
Inflation Reduction Act projected to have minimal effect on inflation
Fox Business -
Biden interior secretary dodges question on halting leases
Fox Business -
Stocks open lower as retail sales disappoint
Fox Business -
BlackRock shares ticking down over hiring report: Cheryl Casone
Fox Business -
TikTok rival Triller to go public via merger with video-tech company
Fox Business -
Headache for consumers due to inflation, slowing economy beginning: Former Toys 'R' Us CEO
Fox Business -
July retail sales come in flat
Fox Business -
Consumers spending less on discretionary items, more on basics amid high inflation: Retail expert
Fox Business -
Biden is a ‘fool’ if he visits China after Xi Jinping’s campaign for an ‘unprecedented’ third term: KT McFarland
Fox Business -
US 'slipping' closer to conflict with China: KT McFarland
Fox Business
-
Mike Huckabee reveals how Republicans could explain they have a better recipe for America Fox News contributors Mike Huckabee and Katie Pavlich provide insight on the impact of the Democrats' spending on the midterm elections on 'Kudlow.'
Fox Business
-
This tax and spend bill should not have been passed: GOP lawmaker North Dakota Republican Sen. John Hoeven gives his take on the Inflation Reduction Act and the green energy push on 'Kudlow.'
-
Larry Kudlow: The economy has turned from boom to bust FOX Business host Larry Kudlow calls out the impact of the Inflation Reduction Act on 'Kudlow.'
European Union countries agreed Monday that all natural gas storage in the 27-nation bloc should be topped up to at least 80% capacity for next winter as they prepare for the possibility of Russia further reducing deliveries.
The EU is trying to slash its use of Russian energy amid the Kremlin's war in Ukraine and find other sources. A ban on imports of Russian coal will start in August, and an embargo on most oil from Russia will be phased in over the coming eight months.
Meanwhile, Moscow is disrupting natural gas deliveries, a fuel used to power factories and generate electricity that the EU didn't include in its own sanctions for fear of seriously harming the European economy. Before the war, the bloc got about 40% of its natural gas from Russia.
Moscow has reduced gas supplies to several EU countries, including heavy importers Germany and Italy, and cut off deliveries to other members, such as Poland and Finland.
NETHERLANDS JOIN GERMANY, AUSTRIA, ITALY IN REVERTING TO COAL AMID RUSSIA'S INVASION OF UKRAINE
© AP Photo/Michael Probst
The Industrial Park of Hoechst is pictured in Frankfurt, Germany, on June 23. Germany activated the second phase of its three-stage emergency plan for natural gas supplies saying the country faces a "crisis" and warning that storage targets for the winter are at risk due to dwindling deliveries from Russia. AP Photo/Michael Probst
The EU Council adopted the gas storage regulation Monday after the European Commission made a proposal in March. The regulation also says underground gas storage on EU soil will need to be filled to 90% capacity before the 2023-24 winter.
Heads of state and government agreed last week during a summit in Brussels to step up preparations for further gas cuts from Russia and to keep searching for other suppliers. The EU already has increased deliveries from the United States, Norway, Algeria and Azerbaijan.
© AP Photo/Michael Sohn, File
Pipes at the landfall facilities of the Nord Stream 2 gas pipeline are pictured in Lubmin, northern Germany, on Feb. 15, 2022. AP Photo/Michael Sohn, File
CLICK HERE TO GET THE FOX BUSINESS APP
Some EU members don't have storage facilities, so the regulation provides that they should store 15% of their annual national gas consumption in other member countries, allowing them access to reserves in other EU nations.
© AP Photo/Michael Sohn, File
European Union countries have agreed to fill their natural gas storage to at least 80 percent capacity ahead of possible cuts and reduced deliveries of energy from Russia. AP Photo/Michael Sohn, File
Cyprus, Malta and Ireland, which are not directly connected with the gas system of other members, got an exemption, the council said, adding that filling obligations will stop at the end of December 2025.
FOX News
