With its commitment to encourage the development of new oil and gas resources while at the same time promoting efficiency and conservation in the use of all energy resources, the United States of America today reaffirmed commitment to assist Europe in its quest for energy security.
On his remarks at “The Economist’s Investment Energy Summit” in Greece, Special Envoy Richard Morningstar for Eurasian Energy said new production of oil contributes to meeting growing demand anywhere in the world, including in the United States.
He says additional supply in one place naturally frees up supply in another, and as the market for liquefied natural gas continues to grow, one can start to think about gas moving around markets in much the same way oil does.
“One might ask, why does the United States care about European energy security?” -Mr. Morningstar
He notes that the United States is 4,000 miles away from Europe.
However, he pointed out that Europe is US partner in any number of different areas.
The U.S. and Europe have the world’s largest trade and investment relationship, he added.
The United States has an interest in an economically strong Europe. Europe has a major interest in an economically strong United States.
And energy security is a major factor in the economy of any country, Mr. Morningstar added.
He further explains that in spite of all the difficulties we’re facing in the world today, one can’t forget the relationship between energy security and a strong economy.
Of course, Europe is composed of many different states, and energy security is a more pressing issue to some than others, Mr. Morningstar stressed.
Some countries in Europe do not have a diverse energy mix and depend largely or, even in a few cases, entirely on a single supplier and transport group, Mr. Morningstar noted.
US government’s aim is to encourage the development of a balanced and diverse energy strategy with multiple energy sources, with multiple routes to market that is competitive, efficient market which offers the best prices for consumers.
“We say this for all countries. It’s not just Europe. It’s for the United States; it’s for Russia. For example, if Europe wants to diversify its energy supply, Russia should be diversifying its consumers as well.” -Mr. Morningstar
Europe’s energy security is in America’s national interest and America’s energy security is in Europe’s interest. Both countries’ economies are interdependent.
The United States hase been working with the EU to help make Ukraine’s gas transit system more reliable.
The US govenrment also engaged with Russia on a range of issues, including fresh discussions on energy security, efficiency and technology through the US-Russia Bilateral Presidential Commission.
The US also facilitated exchanges of information and expertise on emerging technologies like shale gas, where the U.S. has unique experience.
Finally, the US govenrment is working through the newly formed EU-US Energy Council to boost transatlantic energy cooperation on strategic energy issues, including security of supply and advancing clean energy technologies and efficiency programs.