www.zerohedge.com BY TYLER DURDEN
In a move that many critics will say is too little, too late, Bloomberg reports that the European Union’s executive arm “is mapping out a path to end the bloc’s reliance on Russian gas which could see import needs cut by almost 80% this year.”
The European Commission is revising its energy strategy in an effort to reduce the Kremlin’s leverage after Russia’s invasion of Ukraine. The plan, expected to be presented Tuesday, will propose steps such as tapping new gas supplies and increasing energy efficiency already this year, one of the officials said, and aims to deliver independence from the region’s biggest supplier of the fossil fuel well before 2030 – sooner than previous projections.
There is a problem: as the following JPMorgan chart shows, European oil and gas production has been steadily declining in recent years as a result of the continent’s infatuation with ESG, even as imports from Russia have been steadily growing.
