A Very Predictable Global Energy Crisis

[ronwagn + 6,290]

https://oilprice.com/Energy/Natural-Gas/A-Very-Predictable-Global-Energy-Crisis.html

A Very Predictable Global Energy Crisis

By Irina Slav - Oct 06, 2021, 7:00 PM CDT

• When gas prices in Europe started rising faster and faster last month as the continent prepared for winter and found out it was not the only one, gas suddenly became important
• Italian Energy Exec: "It could get very ugly unless we act quickly to try to fill every inch of storage,"
• It is, in fact, entirely accurate and fair to explain the high energy prices as a result of clean energy transition policies
• 

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Gas prices in Europe are breaking record after record. The UK is facing supply shortages reminiscent of the late 1970s winter of discontent. Chinese factories are shutting down because of power shortages, and the outlook is grim. In fact, it may be the first crisis of many.

When gas prices in Europe started rising faster and faster last month as the continent prepared for winter and found out it was not the only one, gas suddenly became important. That's after being excluded from the list of low-carbon energy sources and after the EU's green transition chief Frans Timmermans said gas had no place in the transition. It now appears Timmermans and his fellow Brussels bureaucrats could not have been more wrong.

For years Europe has been retiring coal plants and building solar and wind farms as it strived to become the greenest continent on earth and lead the energy transition on the premise that emissions of carbon dioxide are the planet's single biggest problem because they lead to unfavorable climate changes. This has been coupled with investment declines in oil and gas production, as this only made sense. Now, the EU has got the first bill for its low-carbon feast.

"It could get very ugly unless we act quickly to try to fill every inch of storage," Marco Alvera, chief executive of Italian energy infrastructure company Snam, told Bloomberg last month. "You can survive a week without electricity, but you can't survive without gas." See the article itself for more. 

[Boat + 1,315]

Seems to me there has been plenty of gas to buy all along. It’s only recently prices have jumped. In Texas it’s so easy to drill you can pollute by flaring with no consequences. What has more incentive to drill other than that. Oh yea, price. Prices were low for a long time. So COVID comes along and the economy tanks along with gas demand. So now the economy is recovering and dear ol Ron is blaming renewables and lack of investment in gas. We all know lost demand is the fault of the no Vaxer no mask Trump loving traitors. 😊

[Tom Nolan + 2,441]

This is a fabulous article.  She describes things extremely well in a 3 minute read.

[Tom Nolan + 2,441]

11 hours ago, Boat said:

Seems to me there has been plenty of gas to buy all along. It’s only recently prices have jumped. In Texas it’s so easy to drill you can pollute by flaring with no consequences. What has more incentive to drill other than that. Oh yea, price. Prices were low for a long time. So COVID comes along and the economy tanks along with gas demand. So now the economy is recovering and dear ol Ron is blaming renewables and lack of investment in gas. We all know lost demand is the fault of the no Vaxer no mask Trump loving traitors. 😊

You didn't read the article.  I can tell by your comment.