Energy Crisis
Dark Days Ahead For Europe As Lack Of Russian Oil Could Spark ‘Worst Energy Crisis In Decades’
A European ban on most crude imports from Russia will come into effect in December. For EU leaders, the next task at hand has been finding new sources of crude oil ahead of what could be a very dark and cold winter.
The move by EU countries to endlessly sanction Russia for President Vladimir Putin’s war with Ukraine by halting crude oil imports later this year is an attempt to “make the Kremlin pay” for the invasion, European Commission President Ursula von der Leyen recently said. Though it’s only backfired as the Kremlin’s war chest has swelled by tens of billions of dollars as energy prices hyperinflate and new buyers are found in Asia.
EU leaders have stepped up efforts to transition from Russian energy to other energy-rich countries, though they might find it challenging to increase energy imports due to limited spare capacity worldwide.
Sweden Refuses to Share Results of Nord Stream Pipeline Explosion Investigation With Russia
Monica Malik, the chief economist at the Abu Dhabi Commercial Bank, told the audience at an energy security panel hosted by the Institute of International Finance in Washington, DC, on Monday that the Gulf states, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, won’t be able to increase production to replace Russian oil in Europe.
After all, the world is moving into a much tighter oil market for the remainder of the year after OPEC+ cuts. This could unintentionally spur a supercycle in pricing as brent crude inches closer to $100 a barrel.
So where will Europe source crude this winter if spare capacity worldwide is limited? Head of European Oil for Morgan Stanley Martijn Rats wrote in a recent note:
“The oil market is where it is because this question is so hard to answer. If we knew, we could all breathe a little easier.”
Without spare capacity — EU leaders will find it challenging to source crude around the world because production cannot be quickly ramped up.
Helima Croft, managing director at RBC Capital Markets LLC, warned, “I think we are facing the worst energy crisis in decades.”
Croft fears a populist backlash in Europe as sanctions against Russia has sparked a cost-of-living crisis. This could force some EU governments to focus on affordability. She said the probability of the US making deals with Venezuela or Iran to offset the energy crunch is unlikely.
One top EU diplomat admitted: “Our prosperity has been based on cheap energy coming from Russia.”
Europe’s energy security is in dire straits as the cold season nears. The problem with limited global capacity and higher energy costs will only strain Europe to the core. This winter, there are risks of power blackouts across the bloc as energy supplies from Russia dwindle — and the inability to rapidly increase imports from abroad. The UK warned about this scenario days ago.
This post was originally published at Zero Hedge
Energy Crisis
Austrian Defense Minister Warns Europeans Are Unprepared For Days-Long Blackouts
Leaving one third of citizens unable to “supply themselves.”
The Austrian defense minister has warned that Europeans could face blackouts that go on for days, leaving one–third of citizens unable to “supply themselves.”
Klaudia Tanner made the comments during an interview with German news outlet Die Welt.
“The question is not whether it (the blackout) will come, but when it will come,” said Tanner, blaming the war in Ukraine.
“For Putin, hacking attacks on Western power supplies are a tool of hybrid warfare. We must not pretend that this is just a theory. We must be prepared for blackouts in Austria and Europe,” she added.
Austrian armed forces are set to establish 100 self-sufficient barracks by 2025 that are capable of sustaining themselves for a minimum of two weeks if energy supplies are seriously disrupted.
Tanner spoke to how unprepared Europeans were for crippling elongated blackouts by warning, “one-third of citizens would not be able to supply themselves on the fourth day of a blackout at the latest.”
While Vladimir Putin remains the convenient scapegoat, others have pointed to Europe’s overdependence on ‘green energy’ and its shutting down of traditional coal-fired and nuclear plants as one of the primary reasons for increasing the risk of blackouts.
In Germany for example, the country only has three remaining operational nuclear power plants, with MPs even having to vote to extend their life span into 2023 after previous plans to shut them down.
As we previously highlighted, Germans buying up electric heaters in anticipation of the gas supply being cut off is threatening to cause huge spikes in demand that could lead to widespread blackouts.
“If everyone switched on a fan heater at home, it would mean that we would have to almost double the existing network structure on every street,” said Peter Lautz, the boss of the Stadtwerke Wiesbaden Netz utility company.
Before winter began, cities across Germany announced they were planning to use sports arenas and exhibition halls as ‘warm up spaces’ to help freezing citizens who are unable to afford skyrocketing energy costs.
Top Green Party official Winfried Kretschmann caused controversy earlier this year by suggesting Germans use washcloths instead of taking showers, as well as buying expensive eco-heating systems that are unaffordable for the average person.
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Energy Crisis
Video: Biden Energy Advisor Admits That The Regime Wants To Limit Oil Production “To Accelerate The Transition”
While asking oil companies to increase production now and tapping more reserves to bring gas prices down before mid term elections
Biden administration energy advisor Amos Hochstein admitted Wednesday that while the regime wants to increase oil production in the short term, its overall aim is to limit it in order to “accelerate the transition”.
Appearing on CNN, Hochstein proclaimed “I think we have been clear that we want to see the U.S. industry increase oil production.”
Then in the same breath, Hochstein stated that the main goal is to limit production of fossil fuel derived energy now in order to “make sure that we’re in a better footing to accelerate the transition.”
“So, we have to make that differentiation to make sure that the American consumer has what it needs… to grow our economy and the global economy, but not take steps and endanger the climate work that we’re trying to do,” Hochstein further declared.
He continued, “[I]t is about making a choice between what is the short-term and the medium-term so that we can make sure we have enough oil and gas to support us through the transition, and what are the kind of steps that we don’t want the oil and gas industry to take that would have long-term consequences when we don’t want new major projects that would take 20, 30 years to become profitable.”
Watch:
The comments came in the wake of Biden announcing another release of 15 million barrels of oil from the Strategic Petroleum Reserve ahead of the 2022 midterms in an attempt to reduce gas prices.
During the CNN interview, Hochstein also claimed that the administration intends to buy oil at $70/barrel next year, when prices come down, to refill the SPR:
The U.S. SPR is at its lowest level for 4 decades, and has tanked since Biden took office:
Biden himself repeated the claim that he will buy back oil at a lower price and save money, while critics pointed out that Democrats blocked President Trump from filling the reserves when oil was just $24/barrel two years ago:
The White House Press Secretary had no answers when asked about that:
Jean-Pierre also failed to explain why more oil is needed from the SPR if gas prices are going down, as the Biden regime has claimed:
Fox News reporter Peter Doocy asked Jean-Pierre “So, you’re asking oil companies to further lower gas prices. What makes you think they are going to listen to an administration that is ultimately trying to put them out of business?”
Jean-Pierre knows full well that the agenda is the “transition,” and to put an “end” to fossil fuel energy companies.
The administration is openly admitting that is the case while Jean-Pierre plays dumb:
While Biden claimed that oil companies are raking in record profits and that the price of gasoline is not being reflected at the pump, his official Twitter account sent out a chart showing the exact opposite:
While it is still up on average $1.50 from when he took office, Biden’s Chief of Staff Ron Klain claimed the administration has “tackled” gas prices:
The administration continues to claim the economy is “strong” while quietly preparing for an economic crash on par with 2008, according to The New York Times.
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Energy Crisis
Video: Bill Gates Says European Energy Crisis Is “Good”
Says people will be forced to “move to these new approaches more rapidly”
While people in Europe face the prospect of not being able to afford to heat their homes this winter, and experiencing freezing dark blackouts, Bill Gates declared that “in the long run” the energy crisis is a “good” thing.
Touting his Breakthrough Energy Ventures climate-technology (carbon tax) investment company, Gates told CNBC “People did get a little optimistic about how quickly the transition could be done.”
“Without the Russian natural gas being available in Europe… it’s a setback,” Gates continued.
“We need to find non Russian hydrocarbon sources to substitute for those so there’s coal plants running and variety of things, because, you know, keeping, you know, people warm, keeping those economies in decent shape is a priority,” Gates asserted.
He continued, “Now, on the other hand, it’s good for the long run, because people won’t want to be dependent on Russian natural gas so they’ll move to these new approaches more rapidly.”
Watch:
Gates published a “State of the Energy Transition,” Tuesday, declaring that it should be the responsibility of countries such as the United States which have prospered from burning fossil fuels to move to completely decarbonize all sectors of the economy.
He writes “Many countries in Europe and North America filled the atmosphere with carbon to achieve prosperity, and it is both unrealistic and unfair to expect everyone else to forgo a more comfortable life because that carbon turned out to change the climate.”
Gates also writes “I don’t think the market by itself can press reset on an entire economy in just a few decades,” adding “We need a plan to speed the process up.”
Meanwhile…
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