‘Drill, Baby, Drill’: Europe Aims To Reduce Reliance on US LNG

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Europe is shifting its priorities from renewable energy to reducing reliance on US LNG due to costly energy prices, leading to a loosening of opposition to new oil and gas drilling.

Market Impact

Market impact analysis based on bearish sentiment with 65% confidence.

Sentiment
Bearish
AI Confidence
65%

Article Context

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Notions of renewable energy and reducing greenhouse gases are nice, but costly energy prices are forcing a shift in Europe’s priorities. Reuters reported this week that two members of the European Union — Greece and Italy — and the UK are loosening their opposition to new oil and gas drilling, even as the continent builds out renewables to slash greenhouse gas emissions and meet climate targets. Greece in November issued its first offshore oil and gas exploration license in more than 40 years to a trio of companies including Exxon…

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Original article published by OilPrice.com on December 4, 2025.
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