EU leaders are furious that the US is making lots of money from the proxy war in Ukraine by selling weapons and exporting expensive natural gas. Meanwhile European industries are being destroyed as high energy prices and US subsidies push its companies to go overseas.
by Ben Norton
Part 3 - Energy prices in Europe rise 500%, threatening to bankrupt industries
As recently as the beginning of 2022, Russia was the largest exporter of both gas and oil to Europe. But in response to Russia’s invasion of Ukraine in February, the US and EU imposed harsh sanctions on Moscow and vowed to boycott its energy.
This has blown back on Europe, and hard.
In August, Bloomberg published an article titled “European Power Prices Reach Records as Industry Starts to Buckle.”
It noted that electricity prices in Germany have risen as much as 500% in the past year.
The report warned the “magnitude of the crisis isn’t comparable to anything in the past few decades.”
This has blown back on Europe, and hard.
In August, Bloomberg published an article titled “European Power Prices Reach Records as Industry Starts to Buckle.”
It noted that electricity prices in Germany have risen as much as 500% in the past year.
The report warned the “magnitude of the crisis isn’t comparable to anything in the past few decades.”
“Countries across Europe are planning for possible power shortages this winter, with some considering rationing supplies to certain industries to ensure essential demand can be met,” Bloomberg said.
These historically high energy prices were already painful enough. But Washington’s proposed subsidies have only further incentivized European companies to move to the United States.
These historically high energy prices were already painful enough. But Washington’s proposed subsidies have only further incentivized European companies to move to the United States.
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