Posted on 7/7/2017, 10:58:37 AM by mandaladon
Media will focus overwhelming attention today on the G-20 economic summit in Germany for the initial encounter between President Trump and Russia’s Vladimir Putin. We previously explored here what’s at stake in that encounter.
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But from a lasting economic standpoint, folks, what happened Thursday in Poland and tomorrow in Britain could be much more important.
In Warsaw, as Ed Morrissey points out, Trump offered leaders from Poland and numerous other European countries long-term LNG deals to diversify their supplies and avoid creating undesirable political leverage with a certain large country to the East that has not hesitated to cut off natural gas supplies for political reasons.
Trump didn’t mention that nation. He didn’t have to. It contains six letters beginning with R and ending with a.
“America stands ready,” Trump declared at a news conference, “to help Poland and other European nations diversify their energy supplies, so that you can never be held hostage to a single supplier.”
In previous years, Russia has turned off natural gas exports to certain countries whose policies displeased Putin. This approach of Trump’s is another part of his tougher talk on trade, which seems to be working, as we wrote here.
Liquefied natural gas exports are a key part of this president’s energy program and trade policy, which he intends to use to help balance trade deficits and exert favorable leverage on trading partners, China, for instance, where the U.S. buys $300 billion more per year than it sells.
The United States has had an insatiable appetite for energy imports over the years. But thanks to the technical developments of fracking that tap into previously unreachable sources, the U.S. now has an immense abundance of natural gas.
(Excerpt) Read more at hotair.com …