President Barack Obama banned new offshore oil and gas drilling in more than 100 million acres of the US Arctic and undersea canyons in the Atlantic Ocean, a move certain to provoke a fight with the Republican-led Congress and his successor in the White House.
In an announcement coordinated between two of the world's biggest oil producers, Canadian Prime Minister Justin Trudeau also committed to freeze new offshore leasing in his nation's Arctic waters and review the matter every five years.
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European lawmakers demand action to rein in gas prices, and the EU Commission has drafted a plan. However, gas prices constitute tricky puzzle: No matter how it’s approached, Europe faces an energy shortage in the next six months. The only way to help consumers is through aid, but this is a potentially costly and dangerous path, says analyst.