Axios

The Biden administration asked Israel three weeks ago if it could help mitigate possible natural gas shortages in Europe in anticipation of a Russian invasion of Ukraine, a senior Israeli official told me.

Why it matters: The U.S. outreach to Israel was part of a wider effort by the Biden administration to prepare for a scenario where a war in Ukraine could lead Russia to cut natural gas supply to Europe, which could cause a severe energy crisis.

Lawmakers from both parties are pushing the White House to impose a ban on U.S. imports of oil and petroleum products from Russia, even as buyers are already steering clear of the country's crude.

Driving the news: Appeals or proposed bills are coming from lawmakers including Senate Energy Chairman Joe Manchin; a number of GOP lawmakers, and liberal Democratic Sen. Ed Markey.

Ford this morning said it's separating its electric vehicle and internal combustion businesses into separate units.

Why it matters: The creation of distinct business lines — called "Model e" and "Ford Blue" — underscores how auto giants are reorienting around EV development.

President Biden's State of the Union speech highlighted the White House political strategy on climate and energy markets as Russia's invasion of Ukraine sends oil prices skyward.

Driving the news: Here are three takeaways...

European natural gas prices have risen an astounding 60% this week, as investors panic about disruptions to supplies.

Driving the news: Benchmark natural gas prices briefly touched a record high of €194 euros per megawatt-hour on Wednesday.

H2U Technologies, a green hydrogen startup, has raised an $11 million Series A funding round led by Jericho Energy Ventures, Axios has learned.

Why it matters: The company aims to avoid using rare and expensive platinum group metals, such as palladium, to produce hydrogen gas.

Energy costs continue to spiral higher, with U.S. and European crude benchmarks both leaving the century mark in the dust.

By the numbers: West Texas Intermediate, the U.S. oil benchmark, rose to as high as $111.50 early Wednesday, according to FactSet data.

The Swiss-based company behind the Nord Stream 2 pipeline denied on Wednesday that it filed for bankruptcy but confirmed it terminated employee contracts.

Why it matters: Long viewed as a Kremlin influence project that would increase Europe's energy dependence on Russia, Nord Stream 2 was one of the first targets of the flurry of Western sanctions triggered by Vladimir Putin's invasion of Ukraine.

Tens of thousands of people in southeastern Australia were under evacuation orders Tuesday, as days of heavy flooding that have killed at least 12 people showed no signs of abating.

The big picture: Torrential rains that began last week triggered flooding that caused several towns in Queensland and New South Wales to be submerged. The storm system on Wednesday unleashed heavy rains on Sydney, where forecasters warned flooding was expected.