Europe’s gas prices have surged by more than 800% this year, sparking serious concerns about inflation and energy poverty this winter.
Russia said on Wednesday it was increasing supplies, providing some relief to markets.
The Russkies have Europe under their control, yet Biden approved the pipeline to Russia but canceled ours. Biden is a traitor.
Russia warned Europe that their preference for more flexible spot market dealings over the kind of long-term supply contracts favored by Gazprom, has left volumes and prices vulnerable.
“Currently, the European spot market shows a high price volatility and is disorienting both buyers and sellers, [this] brings risks of destabilizing the entire regional economy,” the head of Gazprom Export Elena Burmistrova said.
“The European spot market only reflects the current state of demand and supply but is not the pricing tool which provides a long-term balance.”
Gazprom’s traditional oil-linked contracts come with a price lag, staying at a higher price for a prolonged period of time after spot oil prices ease but also at a lower price in times of soaring prices.
Ms. Burmistrova reiterated that Gazprom was meeting its obligations under long-term contracts…
…Record high energy prices in the UK and in Spain have already caused some industrial companies, such as steelmakers and fertilizer plants, to curtail production and even led to warnings of food shortages this winter.
Biden’s comrades in the White House know this will happen to the US. They need to immediately restore our pipelines and prevent this from happening here. As long as the Great Resetters continue to destroy the fossil fuel energy sector, this will continue to get worse.