Europe prepares to institute Russian oil embargo
Monday, May 2, 2022
European Union countries could approve a phased embargo on Russian oil as early as this week, according to The New York Times. The move will seal the long-postponed measure that has divided E.U. members and highlighted their dependence on Russian energy sources.
E.U. countries have taken weeks to agree on the specifics of the embargo, and discussions are expected to continue through the weekend. Then the European Commission, the bloc’s executive, will put a finalized proposal on paper for E.U. ambassadors to approve.
E.U. ambassadors are expected to meet Wednesday and give their final approval by the end of the week.
The oil embargo will be the most impactful step in the E.U.’s sixth package of sanctions since Russia invaded Ukraine on Feb. 24. Sanctions against Russia’s biggest bank, Sberbank, which has been spared so far, as well as additional measures against high-profile Russians, will also be part of the package.
Learn more: The New York Times > Europe ratchets up preparation for Russian oil embargo next week
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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.