Biden’s looming energy crunch
Oil and gas prices have soared since Joe Biden took office and skyrocketed further as Russian troops surround Ukraine. Prices will get worse — much worse — if Putin invades. President Biden has promised “swift, sharp sanctions” on Russia and an end to the Nord Stream II pipeline, which will supply Germany with much-needed Russian natural gas when it’s completed. The German chancellor has said little about ending the pipeline but has not publicly contradicted Biden’s threat to stop it. European analysts are confident Germany will go along with American energy sanctions, including those on Nord Stream II. In any case, the US can stop the pipeline, if it chooses.