G7 Nations pursue new sanctions, potential cap on Russian oil prices
Wednesday, June 29, 2022
The Group of Seven Nations pursued new sanctions on Monday, which included a potential cap on Russian oil prices to hamper the Kermlin’s vital energy complex and hamstring its ability to finance the war in Ukraine, according to Natural Gas Intelligence.
Although the G7 leaders were still hashing out details Monday, they were working to finalize a cap on Russian oil prices, which would allow Russia to continue selling oil on the global market. However, the move could curb Russia’s crude profits and potentially lower prices for consumers.
Additionally, the United States vowed ongoing support to European Union members in the form of liquefied natural gas exports as Russian flows of natural gas to Europe have recently been restricted further.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.