CNN Fareed Zakaria GPS, anchor Fareed Zakaria finally realized what a difficult situation the United States is in by not being energy independent and reliant on Russia for oil. Zakaria reminded President Joe Biden that stopping the import of oil from Russia would only increase oil prices.
Zakaria opened his monologue by arguing why Biden shouldn’t buy oil from Russia.
One way to alter Putin’s calculations is by sanctioning Russia’s oil & gas industry. “This is Vladimir Putin’s golden goose. It’s the source of his wealth, and the reason why he may believe he can weather any storm,” Zakaria stated.
CNN host, then, stated to his viewers, “Today, the United States produces the most oil and gas worldwide, so it can boost production and exports as well as turn on spigots from other countries.”
Zakaria sought to also calm fears expressed by the Democrat Party about the possibility that if Biden sanctions Russian oil markets, the United States could relive 1970s gas shortages.
Joe Biden worries that he will look like Jimmy Carter, when in fact his position of power is more similar to that of King Abdullah. President Biden should announce that he’s going to respond to this massive challenge to the international order by expediting as much production and export of American petroleum as possible to replace Russian energy.
Zakaria probably feared instant backlash from the left-wing environmentalists in his audience and sought to demonstrate how having the United States produce its own energy is better than getting it shipped from Russia.
It even has an environmental advantage. U.S. oil production emits less methane per unit of volume than Russian gas, and is therefore less harmful to the environment than Russian. Many countries would be able to use more natural gas if there was less demand for it. The best method to reduce carbon emissions is, in short-term with the current technology and on a large scale, to substitute coal with natural gas.
Ending his remarks, he said that Russia should be sanctioned for its oil and gas industry and strike at Vladimir Putin’s “real Achilles heel”. However, he cautioned that to accomplish this, America must “support all nonRussian energy”. Nur then will we be able to bring Russia down.
Click “expand to view the transcript”
CNN’s Fareed Zakaria GPS
3/6/2022
Eastern 10:02:15FAREED ZAKARIA – There’s only one way to change Putin’s mind. That’s by sanctioning Russia’s oil and gas sector. It is Vladimir Putin’s gold goose. This golden goose provides the state with its wealth, and gives him the confidence to weather any storm. They have been left intact, while the financial sanctions have also been designed carefully to let Russia continue to export energy to the outside world. Although it is common wisdom that sanctions against Russia would trigger an energy crisis similar to those of 1970s, which could cause discontent within the West, the reality is quite different.
America is today the largest oil producer in the world. The United States can boost production and exports, and also turn on the spigots of other countries. Joe Biden fears that he might look like Jimmy Carter. However, his power position actually mirrors that of the King and Queen of Saudi Arabia. President Biden should announce that he’s going to respond to this massive challenge to the international order by expediting as much production and export of American petroleum as possible to replace Russian energy. For natural gas, he should press his regulators for more production. He also should assist in financing the liquefied gas transportation to Europe. South Korea, Japan, and South Korea should encourage their countries to export more LNG to Europe. These other sources of energy are available. Although some things may take time, the markets will eventually react to these signals and will drop prices as a result.
However, this is not enough. Biden must also work with President Trump to open two major oil sources that currently are not getting to market in sufficient quantity or speed. Donald Trump should lift his sanctions against Venezuela and Iran. Washington should try to work with Iran in order to fill the remaining gaps, and enter the nuclear agreement that would allow all Iranian oil on the markets. Biden should also personally contact Mohammed bin Salman, Saudi Arabia, and Mohammed bin Zayed, UAE. They both feel neglected by Washington and want to be reconnected with Washington. You can all hear me. I’ll address just a handful. Many of the oil and gas from this project will be used to replace banned Russian energy. It is unlikely that it will cause any additional net emissions.
It even has an environmental advantage. U.S. oil production emits less methane per unit of volume than Russian gas, and is therefore less harmful to the environment than Russian. Many countries would be able to use more natural gas if there was more of it. In reality, replacing coal with natural gas is the most effective way to reduce carbon emissions. While all these strategies have some downsides, both real and symbolic, they can be used to reduce carbon emissions. The best thing to do is replace coal-burning power plants with natural gas. Governing in crisis requires making difficult decisions. Germany has demonstrated this best. The government has suspended Nord Stream 2 and announced it will build 2 new terminals for LNG conversion. Germany also acknowledged the possibility of using more coal to prolong the lives of its nuclear power plants, which were due to close down. This coalition government’s second-most important partner, the Green Party which has always been committed to environmental causes, is pushing these policies. According to the Biden administration, there are no higher stakes. We will be living in an entirely different world if Putin succeeds with his aggression. Let us ensure that he doesn’t. Winston Churchill was a long-standing anti-communist and rabid partisan of Hitler’s invasion of the Soviet Union. He explained that, had Hitler entered hell, Churchill would have something to say about Satan. We must take steps to help all non-Russian energy. This policy shift will be a devastating weapon against Vladimir Putin’s Achilles heel.
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