Lack of sanctions on Russia doing ‘very little’ for oil and gas industry: Energy expert
Europe needs to look to developing energy alternatives, energy expert says
During an interview on "Mornings with Maria" energy expert Andy Lipow said that Biden's sanctions on Russia are doing "very little" to impact the oil and gas markets, and Europe has to look to develop alternatives to become less dependent on Russia.
OIL PRICES BOUNCE ON SUPPLY CONCERNS FOLLOWING INVASION OF UKRAINE
ANDY LIPOW: I think what you should look at it from the European perspective, who have very little alternatives when Russia is supplying 20% of the oil consumed there and 35% of the natural gas. So Europe really needs to develop a lot of energy alternatives to wean themselves from dependence on Russia, and then sanctions could take a much bigger bite. But you're correct that the lack of sanctions on Russia is doing very little in the overall scheme of things in the oil and gas industry.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
WATCH THE FULL INTERVIEW HERE: