CNBC: Oil CEOs warn this winter’s energy crisis will be nothing compared to the next
* For this winter, Europe’s gas storage is more than 90% full, according to the International Energy Agency, providing some assurance against a major shortage.
* But a large proportion of that is made up of Russian gas imported in previous months, which likely won’t be available at all by winter of 2023.
* This could lead to significant social unrest — already, small to medium-sized protests have cropped up around Europe.
ABU DHABI, United Arab Emirates — Politicians and governments around the world are bracing for potential civil unrest as many countries grapple with mounting energy costs and rising inflation.
The global economy is facing an onslaught from multiple sides — a war in Europe, and shortages of oil, gas and food, and high inflation, each of which has worsened the next.
Concerns are centered on the coming winter, especially for Europe. Cold weather, combined with an oil and gas shortage stemming from Western sanctions on Russia for its invasion of Ukraine, threatens to upend lives and businesses.
Read more ....
WNU Editor: The above Bloomberg video summarizes what I have been saying for the past 3 months. Europe's decision to cut-off Russian natural gas after filling its reserves means higher energy prices this winter.
But next year, with no access to Russian gas, will mean a rush to obtain energy supplies on the global market. This means only one thing. Even higher prices next winter, and the very real possibility of shortages.
3 comments:
Europeans are suffering a huge loss of standard of living but they will ultimately still be able to pay more for energy than most states in the global south, who ultimately will be the ones going without. I don't think we've even seen a real refugee crisis yet.
Maybe the oil protesters will go away now. Or Maybe their fellow citizens will drag them out of the museums and off the roadways to some back alleys to work over or worse.
If The countries involved are smart, they will over buy this winter and summer to avoid a disaster come the next winter. Watch that. Because if they overbuy they just might avoid this problem
Post a Comment