Europe is Totally Screwed - Update Sept 5

dan_s · Post by **dan_s** » Mon Sep 05, 2022 6:35 pm

Bloomberg
September 5, 2022
European benchmark TTF was up as much as 35% today

Energy prices surged in Europe after Russia halted its biggest natural gas pipeline to the continent indefinitely, plunging the region deeper into a crisis that could push major economies into recession and force rationing. Benchmark gas futures jumped as much as 35%, the most in almost six months, and electricity prices increased. The supply cutoff rippled through markets, hitting equities and pushing the euro to a 20-year low. Russia's Gazprom PJSC made a last-minute decision late Friday not to turn the crucial Nord Stream pipeline back on after three days of maintenance. It was meant to restart on Saturday, but the company said an oil leakage was detected at a gas turbine that helps pump the fuel into the pipeline. There's no indication how long it may take to fix it. Bloomberg.
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MY TAKE: The Leadership Team in the EU must realize by now that they are going to lose the "Sanctions War". The latest stunt to put a Price Cap on Russian oil is a total joke. Putin has all of the leverage. It is time for the EU to swallow their pride and enter into negotiations with Putin unless they want thousands (and maybe hundreds of thousands) of EU citizens to die this winter. I cannot believe the EU is going to sacrifice the lives of their people and the entire EU economy for Ukraine. Team Biden cannot and should not come to the EUs rescue, unless they are even dumber than I think they are. Of course, that is possible.

As I have posted here many times, the foundation for this human tragedy is the result of letting Climate Change Wackos write OECD energy policy. We are still funding insane Green New Deal projects that will not have any significant impact on the global demand for fossil fuels. The utter stupidity of the Paris Climate Accord is now actually consuming the oil & gas Europeans are going to need this winter to survive. The energy it takes to build and install one windmill could heat hundreds of homes this winter.

This is heading to very sad ending.