Europe in crisis: Soaring energy costs and double-digit inflation

by | Sep 6, 2022 | Commentaries

Oh boy, economic turmoil has struck Europe with energy costs soaring and inflation reaching into the double digits for 9 countries (Estonia being the worst at over 25%!).

The Daily Mail recently ran an article warning that the UK could face “energy rationing” to avoid blackouts!

The article states that

In the US tens of millions of people have been asked not to use washing machines, dishwashers and ovens between 2pm and 8pm because of the global energy crisis. Charging cars before 9pm is also not advised.

They go on…

Away from the home, in Germany, street lights are being dimmed, traffic lights at quieter junctions are turned off, hot water and central heating is off in public buildings and monuments will no longer be lit overnight.

viral Tweet made the rounds recently about a bakery in the UK considering closing after their energy costs increased more than 3X. Furthermore, some are warning that the energy crisis could get a lot worse!

To our friends in Europe, strap in folks, it’s going to be a bumpy ride.

The energy crisis is largely a result of the Russia-Ukraine conflict. Or, rather, the response of Western nations to the conflict!

You see, Russia is a major player in global energy markets. In fact, it is one of the world’s top three crude producers! Russia is also the world’s second-largest producer of natural gas, behind the United States, and has the world’s largest gas reserves.

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