The US is likely to abandon the idea of global energy dominance and leave this niche to less-developed fuel exporting countries. The country’s government asserts that prices for crude oil and its products, particularly gasoline, are irrationally high. The US officials will try to make every effort to reduce the prices for consumers. The German national newspaper Die Welt writes that the US desperately needs to lower the quotes as soon as possible because Washington is losing its leading position in the energy market. High oil prices cause a lot of concern to the US. Recently, the country was following Trump’s doctrine of global energy dominance but today it is losing its influence in the commodity market. Meanwhile, President Joe Biden promotes clean energy generation from water, wind, and the sun. As a result, it is becoming increasingly difficult for the US to produce enough oil to meet the demand, the author of the article states. Joe Biden believes that surging oil prices create roadblocks for the US economic recovery and lead to higher inflation. Additionally, the country’s officials consider selling such energy sources a throwback to last century. This is the reason why Washington has waived its sanctions against the Nord Stream 2 gas pipeline construction. The pipeline has almost been completed. Die Welt underlines that the idea of importing natural gas to Europe by tankers at a large scale now seems to be absurd. Americans are facing the consequences as the price of gasoline is almost $1 higher than a year ago.
