“Green” energy means no energy. It’s not the prices that will be frozen, it’s the populations.
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Europe’s energy crisis that threatens a cold and dark winter ahead, and we’ll have to see if the lights of Europe come fully on again in the years to come. Simply put: Europe’s self-inflicted energy crisis is a lot worse than it looks.
When the worst of it hits, utility bills could account for 15% of European gross domestic product, crowding out other kinds of spending and investment.
Europe is now on the verge of recession, if not already in one, and the worst looks yet to come.
The metals industry is facing a life or death winter after electricity and gas costs soared over 10 times last year’s levels, a group of chief executives wrote a letter asking the European Parliament for emergency aid. The products they make sell for less than the cost of keeping the plant running, they argued. Half of the EU’s zinc and aluminum production has already been halted.
Meanwhile, here in the U.S. natural gas prices are at their highest in almost 15 years, having risen over the last two years from under $2/mln BTU to nearly $9 right now. Isn’t America self-sufficient in natural gas thanks to fracking, with abundant untapped reserves? Yes indeed, and there are a lot of complaints that one reason we are seeing this price spike is that we’re shipping a lot of gas to Europe to try to backfill the cutoff Russian supply.
The cause of the European energy crisis is obvious—a combination of green energy fantasy alongside their willing dependence on Russian oil and gas to fill in the large gaps. President Trump criticized Germany’s energy policy in a speech to the UN a few years ago and suggested they cancel the Nordstream II pipeline from Russia (which Germany has now done), but the German UN delegation laughed at him. I doubt they are laughing now.