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Photo: Angel Garcia/Bloomberg via Getty Images

European gas prices soared again today to fresh records, but then began falling after Russian President Vladimir Putin signaled Russia would boost supply — gyrations that come as European Union officials struggle with the immediate crisis and how to prevent the next one.

Driving the news: European Commission president Ursula von der Leyen said EU leaders will discuss creating a strategic natural gas storage reserve, per S&P Global Platts and other outlets.

  • And finance ministers from France, Spain, Greece, Czech Republic and Romania are jointly calling for new EU gas and power policies.
  • They include a "toolkit to coordinate national responses to immediately react to dramatic price surges," as well as common guidelines on gas storage and wholesale power market reform. Bloomberg has more.

What they're saying: Via Reuters, von der Leyen this morning said investment in renewables is an important way to help avoid future spikes.

  • "For us, 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."

Go deeper: Natural gas price surge puts new focus on LNG

Go deeper

Oct 18, 2021 - World

Poland showdown is EU's Jan. 6 moment, top official says

Didier Reynders. Photo: Thierry Monasse/Getty Images

Poland and Hungary have forced a moment of reflection on the European Union — similar to the one in the U.S. after the Jan. 6 insurrection, EU Justice Commissioner Didier Reynders told Axios.

What he's saying: "During many years, we have had in our minds that it was granted that if you are a member of the EU, of course you apply the rule of law; you have full respect for democracy, fundamental rights and so on — maybe with some concerns but with a real intention to adapt your legislation to be in full compliance [with EU law]," Reynders said.

GOP congressman forfeits committee seats after indictment

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) on Wednesday stepped down from his committee assignments after being indicted for lying to federal investigators amid a probe into illegal campaign donations.

What they're saying: In a letter to House Speaker Nancy Pelosi, Fortenberry said he is "grateful for the outpouring of support from my friends and colleagues as we work against the injustice confronting me."

Rahm Emanuel questioned on murder of Laquan McDonald in confirmation hearing

Rahm Emanuel during a Senate Foreign Relations Committee confirmation hearing on Oct. 20. Photo: Sarah Silbiger/Bloomberg via Getty Images

Former Chicago Mayor Rahm Emanuel spoke about the murder of Laquan McDonald during his Senate confirmation hearing Wednesday to become the U.S. ambassador to Japan, saying that "there's not a day or a week that has gone by in the last seven years I haven't thought about this."

Catch up quick: McDonald was a Black teenager who was fatally shot 16 times by Chicago police during Emanuel's tenure as the city's mayor. The 2014 shooting triggered massive protests, both because of its nature and the fact that the officers' body-cam footage was concealed for years.