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According to data from the [[World Bank]], the combined Gross Domestic Product (GDP) of the European Union was just over $17 trillion US dollars in 2021. According to analysts for [[Goldman Sachs]], it was estimated that households within the EU will pay an additional $2 trillion for electricity in 2023. That scale of energy cost will out 12% of the purchasing strength within the total EU economy, leaving Europeans with only enough to buy food and energy and nothing else.<ref>https://theconservativetreehouse.com/blog/2022/09/06/wow-europe-household-electric-bills-estimated-to-jump-by-2-trillion-next-year-thats-12-of-their-gdp/</ref>
According to data from the [[World Bank]], the combined Gross Domestic Product (GDP) of the European Union was just over $17 trillion US dollars in 2021. According to analysts for [[Goldman Sachs]], it was estimated that households within the EU will pay an additional $2 trillion for electricity in 2023. That scale of energy cost will out 12% of the purchasing strength within the total EU economy, leaving Europeans with only enough to buy food and energy and nothing else.<ref>https://theconservativetreehouse.com/blog/2022/09/06/wow-europe-household-electric-bills-estimated-to-jump-by-2-trillion-next-year-thats-12-of-their-gdp/</ref>
====Gas====
====Natural gas====
On February 7, 2022 Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, wrote:
On February 7, 2022 Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, wrote:
{{quotebox-float|"The only way left for U.S. diplomats to block European purchases [of Russian gas] is to goad Russia into a military response and then claim that avenging this response outweighs any purely national economic interest. As hawkish Under-Secretary of State for Political Affairs, [[Victoria Nuland]], explained in a State Department press briefing on January 27 [2022]: “If Russia invades Ukraine one way or another [[Nord Stream 2]] will not move forward.” The problem is to create a suitably offensive incident and depict Russia as the aggressor.<ref>https://www.nakedcapitalism.com/2022/02/michael-hudson-americas-real-adversaries-are-its-european-and-other-allies.html</ref>}}
{{quotebox-float|"The only way left for U.S. diplomats to block European purchases [of Russian gas] is to goad Russia into a military response and then claim that avenging this response outweighs any purely national economic interest. As hawkish Under-Secretary of State for Political Affairs, [[Victoria Nuland]], explained in a State Department press briefing on January 27 [2022]: “If Russia invades Ukraine one way or another [[Nord Stream 2]] will not move forward.” The problem is to create a suitably offensive incident and depict Russia as the aggressor.<ref>https://www.nakedcapitalism.com/2022/02/michael-hudson-americas-real-adversaries-are-its-european-and-other-allies.html</ref>}}
Not long after the U.S. convinced its European satellites to boycott Russian liquified natural gas (LNG) and buy it from the U.S. at a much higher price, a fire put a [[Texas]] plant, which processed LNG for export, offline.
Not long after the U.S. convinced its European satellites to boycott Russian liquified natural gas (LNG) and buy it from the U.S. at a much higher price, a fire put a [[Texas]] plant, which processed LNG for export, offline.
In August 2022, Ukraine shut off the flow of Russian gas to Europe through the Southern Deuzhba pipeline.<ref>https://www.reuters.com/business/energy/russia-suspends-oil-exports-via-southern-leg-druzhba-pipeline-due-transit-2022-08-09/</ref>
In August 2022, Ukraine shut off the flow of Russian gas to Europe through the Southern Deuzhba pipeline.<ref>https://www.reuters.com/business/energy/russia-suspends-oil-exports-via-southern-leg-druzhba-pipeline-due-transit-2022-08-09/</ref>
In October 2022 ''Politico'' reported that French Finance Minister Bruno Le Maire told the French National Assembly,
In October 2022 ''Politico'' reported that French Finance Minister Bruno Le Maire told the French National Assembly,
{{quotebox-float|"We must not allow the conflict in Ukraine to result in American economic domination and a weakening of Europe...We cannot accept that our American partner sells its LNG at four times the price at which it sells it to its own companies."<ref>https://subscriber.politicopro.com/article/2022/10/frances-le-maire-warns-against-american-gas-domination-00061111</ref>}}
{{quotebox-float|"We must not allow the conflict in Ukraine to result in American economic domination and a weakening of Europe...We cannot accept that our American partner sells its LNG at four times the price at which it sells it to its own companies."<ref>https://subscriber.politicopro.com/article/2022/10/frances-le-maire-warns-against-american-gas-domination-00061111</ref>}}
====Crude oil====
Joe Biden, who on the day he seized power limited America's productive oil capacity, reversing America's role as the largest exporter of oil to a net importer again, announced America was at war and wrote to American oil companies on June 15, 2022 demanding they increase production: "At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable”.
After the EU passed an anti-[[free market]], Sovie-style price cap on Russian [[crude oil]] in early December 2022, ''[[The Economist]]'' magazine commented, "“The European Union oil price cap may result in violent spikes...Everything depends on how Moscow responds...The Kremlin could cut its oil exports, relying on a smaller group of non-Western tankers and insurers, and sending global prices spiraling”. [[BP]], formerly known as British Petroleum before going global, owns a 19.75% share of the Russian energy giant [[Rosneft]]. In December Rosneft paid BP a £580 billion pound sterling dividend payment (USD $712 billion). Ukrainian dictator Volodymyr Zelensky called the money paif to the NATO ally which was supplying lethal weapons to the Zelensky regime, "blood money."<ref>https://www.theguardian.com/business/2022/dec/02/bp-shares-in-kremlin-oil-firm-are-blood-money-says-zelenskiy-adviser</ref>
====Shale oil====
====Shale oil====