European Gas Prices Hit Record High As Germany Blocks Nord Stream 2

[danmand]

European Gas Prices Hit Record High As Germany Blocks Nord Stream 2

TUESDAY, DEC 14, 2021 - 09:45 AM
European gas futures surged to a record high on Tuesday after Germany blocked Russia's Nord Stream 2 pipeline from launch because it did not comply with European law.
German foreign minister Annalena Baerbock said all three parties that make up the new government (Social Democrats, Greens, and Free Democrats) agreed that the newly constructed Nord Stream 2 pipeline failed to meet European energy law requirements.

"And that means that, as things stand at the moment, this pipeline can't be approved because it does not fulfill the requirements of European energy law," Baerbock said.

Berlin's block of Nord Stream 2 sent European natgas prices to the highest levels ever. Dutch month-ahead gas, the European benchmark, jumped more than 3% to 119.50 euros, surpassing the Oct. 5 high of 117.90 euros.

And it's very specific to Europe as the arbitrage to US natgas has never been wider...

While 'record high' is enough of a problem, for context, this is equivalent to a $232 price for a barrel of crude oil... strongly suggesting the pressure to switch must be building (and with it demand for crude, which could skupper Biden's cunning plan to lower US gasoline prices)...

Over the last month, a series of setbacks for the new Russian pipeline have been seen. German energy regulators suspended Nord Stream 2's certification process, and the US has also sanctioned companies affiliated with the pipeline's construction.
Baerbock also said geopolitical uncertainties in Ukraine were "also a factor" as Russia has amassed more than 100,000 troops on the border. "The last government discussed with the Americans that if there are further escalations, this pipeline can't come online," she added.
Baerbock's comments show Germany's new government aligns with Western imperialism, led by the US, is hellbent to keep Ukraine's gas transit running. Not allowing the new pipeline to open additional supplies to Europe amid a severe crunch in natgas stockpiles has sent electricity prices soaring.

Germany is shooting itself and the rest of Europe in the foot by not allowing the Nord Stream 2 pipeline to open because they support Ukraine. With a series of cold spells hitting Europe and no signs of the energy crunch abating anytime soon -- it's only a matter of time before people become infuriated with politicians.

 

[Frankfooter]

More arguments against fossil fuels....

 

[Moviefan-2]

More arguments against fossil fuels....

Sure. And what are you going to replace them with?

 

[bver_hunter]

Sure. And what are you going to replace them with?

Toyota reveals astounding lineup of future electric cars for 'Beyond Zero' brand and more

Four EVs will join the BZ4X with "BZ" badges, but there are plans for another eight electric cars of all shapes and sizes.

www.cnet.com

 

[JohnLarue]

Sure. And what are you going to replace them with?

Wind and solar are defiantly not going to cut it.... not even close
And the lonnies will fight tooth and nail against nuclear

My guess is the loonies will just keep promoting wind and solar until a lot of people freeze to death
and since this is not really about climate for a number of the left, they will continue to blame someone else and refuse to concede to reality

This will end badly

 

[Moviefan-2]

Toyota reveals astounding lineup of future electric cars for 'Beyond Zero' brand and more

Four EVs will join the BZ4X with "BZ" badges, but there are plans for another eight electric cars of all shapes and sizes.

www.cnet.com

Good one.

Fossil fuels provide over 80 per cent of the world's energy supply. Electric vehicles won't even begin to get us anywhere close to the point where they could replace fossil fuels.

 

[bver_hunter]

Good one.

Fossil fuels provide over 80 per cent of the world's energy supply. Electric vehicles won't even begin to get us anywhere close to the point where they could replace fossil fuels.

Hahaha still stuck with the myth that fossil fuels is essential for the future!!

Fossil fuels are going to be outdated in a few decades time. Where is Coal energy now with regards to Canada? Yes well under 8% and to be phased out totally by 2030.
The Provinces consuming it at high levels again are Alberta and Saskatchewan. No surprise there. Around 61% of Canada's Energy is from Hydro sources. A huge proportion of the remainder is from Renewable Energy Sources!!

Some countries have switched to manufacturing just Electric vehicles.
Otherwise, why are the younger generation wanting an acceleration in the phasing out the fossil fuels?

 

[Frankfooter]

Wind and solar are defiantly not going to cut it.... not even close

Its already being done by a progressive petro state that is spending their money on transition and savings.

Norway leads the charge on a sustainable electric future

Why is Norway so far ahead of the rest when it comes to renewable energy? National Geographic delves into the power behind the world’s greenest nation.

www.nationalgeographic.com

NPR Cookie Consent and Choices

Similar climate, why can't we do what they are doing?

 

[Moviefan-2]

Otherwise, why are the younger generation wanting an acceleration in the phasing out the fossil fuels?

Simple: Much like some of the "progressives" on TERB, the younger people who are pushing to phase out fossil fuels have no idea how much fossil fuels are pivotal to advanced economies and almost everything in their lives.

Similarly, they have no idea how terrible their lives will be if fossil fuels are phased out with almost nothing to replace that energy, as is currently the case.

The only way to even begin to phase out fossil fuels is for all these world leaders to start making enormous investments in nuclear power. That isn't happening.

 

[JohnLarue]

Simple: Much like some of the "progressives" on TERB, the younger people who are pushing to phase out fossil fuels have no idea how much fossil fuels are pivotal to advanced economies and almost everything in their lives.

Similarly, they have no idea how terrible their lives will be if fossil fuels are phased out with almost nothing to replace that energy, as is currently the case.

The only way to even begin to phase out fossil fuels is for all these world leaders to start making enormous investments in nuclear power. That isn't happening.

Yep
Wind and solar are not going to cut it..... not even close
Wind and solar are just a money pit. Mostly govt money
This is money which should be spent on nuclear and/ or paying down unsustainable debt

 

[shack]

Wind and solar are defiantly not going to cut it..

So you're saying that they're digging in their heels?

 

[oil&gas]

So you're saying that they're digging in their heels?

It is us here in North America who are digging in our
heels. Our government has to find a way to raise gas
tax to bring gasoline prices to parity with what Europeans
pay at the pump without inciting riots to save our future.

 

[Frankfooter]

Simple: Much like some of the "progressives" on TERB, the younger people who are pushing to phase out fossil fuels have no idea how much fossil fuels are pivotal to advanced economies and almost everything in their lives.

$210 billion in climate change disasters last year with 1ºC global temp increase.
How much do you think it will cost with 2ºC?

 

[bver_hunter]

Simple: Much like some of the "progressives" on TERB, the younger people who are pushing to phase out fossil fuels have no idea how much fossil fuels are pivotal to advanced economies and almost everything in their lives.

Similarly, they have no idea how terrible their lives will be if fossil fuels are phased out with almost nothing to replace that energy, as is currently the case.

The only way to even begin to phase out fossil fuels is for all these world leaders to start making enormous investments in nuclear power. That isn't happening.

So Climate Change that has been the most devastating year for all sorts of reasons is supposed to be not of concern then?
There will be much more advanced technology in Solar, Hydro, Wind, and Nuclear. The quicker we get rid of the fossil fuels the more your children and grandchildren will be appreciative of it.
Nothing to do with having to be a "Progressive" when the Science as well as Lives, Homes and Land lost is a clear indication of Climate Change. Only the Climate Change Deniers will not accept those facts!!

 

[oil&gas]

So Climate Change that has been the most devastating year for all sorts of reasons is supposed to be not of concern then?
There will be much more advanced technology in Solar, Hydro, Wind, and Nuclear. The quicker we get rid of the fossil fuels the more your children and grandchildren will be appreciative of it.

Not even those who agree with you will want to get rid of fossil fuels as quick
as they can if it is their interest that is at stake. Likewise climate sheeple won't
want immediate GHG reduction if they are the ones required to make the cut first.

Activists take Norway to human rights court over Arctic oil plans

The activists, Greenpeace and Young Friends of the Earth, want the European Court of Human Rights to rule that Oslo’s 2016 decision to grant 10 Barents Sea oil exploration licences violated Article 112 of Norway’s constitution, which guarantees the right to a healthy environment.

www.nationalobserver.com

Norway’s Supreme Court Makes Way for More Arctic Drilling (Published 2020)

The top court ruled against environmental groups Tuesday, saying the right to a clean environment did not bar the government from drilling for offshore oil.

www.nytimes.com

Nothing to do with having to be a "Progressive" when the Science as well as Lives, Homes and Land lost is a clear indication of Climate Change. Only the Climate Change Deniers will not accept those facts!!

 

[Moviefan-2]

The quicker we get rid of the fossil fuels the more your children and grandchildren will be appreciative of it.

That is a completely baseless assertion.

Consider the U.S.

In response to rising gas prices, Joe Biden was pleading with Saudi Arabia and Russia to pump more oil and even took the unprecedent step of releasing 50 million barrels of oil from the Strategic Petroleum Reserve for non-emergency reasons.

And that was merely because of higher gas prices - the equivalent of a mere paper cut compared with the harm that would come from any serious reduction in fossil fuels.

No one seems particularly grateful for the current energy crisis, including the younger generation.

BTW, if you haven't seen it, you should watch this recent video by Bill Maher about Greta's followers. He nails the point that her generation doesn't really believe in the things Greta preaches.

 

[Moviefan-2]

One more point: If young people today are so committed to reducing their carbon footprint, what's with all the angst about the cost of housing?

Anyone who wants a smaller carbon footprint wouldn't want to own their own home.

 

[bver_hunter]

That is a completely baseless assertion.

Consider the U.S.

In response to rising gas prices, Joe Biden was pleading with Saudi Arabia and Russia to pump more oil and even took the unprecedent step of releasing 50 million barrels of oil from the Strategic Petroleum Reserve for non-emergency reasons.

And that was merely because of higher gas prices - the equivalent of a mere paper cut compared with the harm that would come from any serious reduction in fossil fuels.

No one seems particularly grateful for the energy crisis, including the younger generation.

BTW, if you haven't seen it, you should watch this recent video by Bill Maher about Greta's followers. He nails the point that her generation doesn't really believe in the things Greta preaches.

Once again for now we need the fossil fuels, and then gradually phase it out once we get the Green Technology up and running.
But price fixing by the OPEC needed to be addressed.
That stupid video by Maher only seems to please the Climate Change Deniers with zero facts. But this video needs real viewing:

 

[oil&gas]

Once again for now we need the fossil fuels, and then gradually phase it out once we get the Green Technology up and running.

How many climate change believers you know have been gradually phasing out
gasoline usage in the last three years since Greta began her campaign?

But price fixing by the OPEC needed to be addressed.
That stupid video by Maher only seems to please the Climate Change Deniers with zero facts. But this video needs real viewing:

 

[bver_hunter]

Not even those who agree with you will want to get rid of fossil fuels as quick
as they can if it is their interest that is at stake. Likewise climate sheeple won't
want immediate GHG reduction if they are the ones required to make the cut first.

Activists take Norway to human rights court over Arctic oil plans

The activists, Greenpeace and Young Friends of the Earth, want the European Court of Human Rights to rule that Oslo’s 2016 decision to grant 10 Barents Sea oil exploration licences violated Article 112 of Norway’s constitution, which guarantees the right to a healthy environment.

www.nationalobserver.com

Norway’s Supreme Court Makes Way for More Arctic Drilling (Published 2020)

The top court ruled against environmental groups Tuesday, saying the right to a clean environment did not bar the government from drilling for offshore oil.

www.nytimes.com

One thing to bear in mind about Norway is this fact:

Norway’s electricity generation is almost exclusively renewable: in 2018, 95% of electricity was generated by hydro power plants and 2.6% from wind farms. Only 2.4% of generation was from thermal power plants, mostly in industrial heat processes.

Norway is home to the biggest hydrocarbon reserves in Europe, making it the world’s fifth largest exporter of crude oil, and its offshore drilling activities have been subject to a carbon tax since 1991. In 1999, these were increased, and in 2005 Norway joined the EU ETS. By 2018, around 80% of greenhouse gas emissions were taxed, with the highest tax charged on domestic aviation and mineral oil.

Norway have made the greatest strides in this respect. Of course they need to do more like all the rest of the nations. So they are far ahead of most EU nations in Green Technology, although being a huge exporter of oil!!