Despite the announcement of a 2-week ceasefire, Europe faces a long-term energy crisis.
Despite 2-Week Ceasefire, Europe Faces Long-Term Energy Crisis
April 7 (King World News) – Gerald Celente: Europe faces a “long-lasting” crisis of energy shortages and high fuel prices, the European Commission (EC) has warned.
As a result, the EC is mulling “all possibilities,” including rationing fuel and releasing more oil from strategic reserves, Dan Jorgensen, the EC’s energy minister, told the Financial Times.
“This will be a long crisis,” he said. “Energy prices will be higher for a very long time. The crunch will be “even worse in the weeks to come” for “critical” products, he added.
Europe is not yet in a “security of supply crisis” but the commission is planning responses to one, he acknowledged. “Countries need to be sure they have what they need,” he urged.
The same energy shock is being felt globally, raising the chance that countries, and perhaps the world economy, will fall into a period of Dragflation, a Top Trend 2025, in which rising inflation combines with shrinking economies.
European countries have lengthened the permitted life of several nuclear power plants and are ready to restart some coal-fired generating stations that had been mothballed.
However, Europe will staunchly maintain its law banning all Russian gas imports by the end of this year, Jorgensen said.
TREND FORECAST:
Europe will follow Britain’s lead and require new residential buildings to be equipped with renewable and low- or no-carbon energy systems.
Meanwhile, the continent is now likely to tumble into a recession. After being in recession for two years, Germany has barely avoided one, while France’s manufacturing sector is already in the midst of a contraction. With energy prices rising and airline fares along with them, U.S. pleasure travel to Europe will decline, crimping the tourist-dependent economies of southern European countries.
The recession could begin as soon as this quarter and will last through this year. And a bad situation will become worse as Dragflation spreads across the globe, bringing declining economic growth and rising inflation.
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