section_path: Background
section_name: Background
paragraph_text: Background
  
  From 2005 to 2019, Germany experienced a period of economic strength, often referred to as the "labour market miracle." Employment in Germany had grown by over 15%, rising from 39.3 million to 45.3 million people. This period of growth, combined with low interest rates and unemployment rates coupled with economic stability, had previously helped Germany attract businesses and investors. German economic growth was in part fueled by a growing dependence on cheap Russian natural gas imports.
  
  As of November 2021, Russian oil accounted for 17 percent of total imports in OECD Americas (625 kb/d). On 8 March 2022, US President Joe Biden announced a ban on oil from Russia, telling reporters, "We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Putin 's war machine." Germany's Minister for Economic Affairs Robert Habeck cautioned, "If we do not obtain more gas next winter and if deliveries from Russia were to be cut then we would not have enough gas to heat all our houses and keep all our industry going."
  
  On 7 March 2022, German chancellor Olaf Scholz pushed back against the call by the United States and Ukraine for Germany to wean itself away from Russian oil and gas imports because "Europe's supply of energy for heat generation, mobility, power supply and industry cannot be secured in any other way". However, the European Union (EU) indicated that it would cut its gas dependency on Russia by two-thirds in 2022.
  
  In September 2022, German Economy Minister Robert Habeck accused the United States and other "friendly" natural gas supplier nations that they had been profiting from the Russo-Ukrainian war with "astronomical prices". He called on the US to assist energy-pressed allies in Europe. Geopolitical tensions throughout the Middle East contributed to rising oil prices, with Brent Crude futures climbing to $80 per barrel.