Biden administration to work with EU to prevent energy supply crisis

National security adviser Jake Sullivan said Thursday that the U.S. will work with Europe to ensure that energy supply keeps up with rising demand, according to Politico.

Why it matters: Energy prices have climbed around the world due to extreme weather, rising demand and supply constraints. The costs have impacted the economic recovery from COVID-19.

• "We'd like to be aligned with Europe in this strong proposition that we want to see sufficient supply to keep up with recovering demand," Sullivan said, per Politico.
• "A lot of this will have to get worked out to close coordination among energy consumers, which we are engaged in and through detailed, diplomatic engagement with energy producers, which we are also engaged in," he said.

What they're saying: European Commission president Ursula von der Leyen said on Wednesday that the issue of high energy prices was serious, while Sullivan added he was concerned the supply was not keeping up with recovery demands.

• "We have a fundamental interest in seeing global energy supplies — and both gas and oil — at sufficient levels to support a global economic recovery and not to stall it out," Sullivan said.
• Von der Leyen also stressed the importance of investing in renewable energy to avoid future price spikes, according to Reuters.
• "The gas prices are skyrocketing," von der Leyen said, "But the renewables, the prices have decreased over the last years and are stable."
• "It's very clear that with energy in the long term, it is important to invest in renewables that gives us stable prices and more independence because 90% of the gas is imported to the European Union," she said.