{"id":62894,"date":"2022-06-15T07:18:48","date_gmt":"2022-06-15T12:18:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62894"},"modified":"2022-06-15T07:18:48","modified_gmt":"2022-06-15T12:18:48","slug":"the-harsh-reality-of-energy-tina-strikes-the-us-and-europe","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62894","title":{"rendered":"The Harsh Reality of Energy TINA Strikes the US and Europe"},"content":{"rendered":"<header class=\"m-detail-header mm-detail-header--content-position-above mm-detail-header--in-content-well\">\n<div class=\"m-detail-header--container\">\n<div class=\"m-detail-header--content\">\n<h3 class=\"m-detail-header--title\"><a href=\"https:\/\/mishtalk.com\/economics\/the-harsh-reality-of-energy-tina-strikes-the-us-and-europe\">The Harsh Reality of Energy TINA Strikes the US and Europe<\/a><\/h3>\n<div class=\"m-detail-header--dek\"><strong>Hello EU and President Biden &#8220;There Is No Alternative&#8221; to Russian energy.<\/strong><\/div>\n<\/div>\n<\/div>\n<\/header>\n<section class=\"m-social mm-social--below-header\"><\/section>\n<div class=\"m-detail--body\">\n<div class=\"m-detail--body-item m-detail--body-item-inline\">\n<figure class=\"l-inline tml-image m-detail--tml-image--inline\"><a><picture class=\"is-loaded\"><source srcset=\"https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_380\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.webp 380w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_620\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.webp 620w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_700\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.webp 700w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_1159\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.webp 1159w\" type=\"image\/webp\" sizes=\"(min-width: 1240px) 700px, (min-width: 675px) 620px, calc(100vw - 40px)\" \/><source srcset=\"https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_380\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.png 380w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_620\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.png 620w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_700\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.png 700w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_1159\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.png 1159w\" sizes=\"(min-width: 1240px) 700px, (min-width: 675px) 620px, calc(100vw - 40px)\" \/><img loading=\"lazy\" decoding=\"async\" class=\"m-detail--tml-image m-image\" src=\"https:\/\/mishtalk.com\/.image\/t_share\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.png\" srcset=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"Natural gas chart courtesy of Trading Economics, annotations by Mish.\" width=\"1159\" height=\"791\" data-src=\"https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_700\/MTkwMTczNjczMjU1MDg1MzM3\/us-natural-gas-2022-06-13.png\" \/><\/picture><\/a><\/p>\n<div class=\"m-detail--tml-image-wrapper\">\n<div class=\"m-detail--tml-image-container\"><\/div>\n<\/div><figcaption>\n<p class=\"tml-image--caption\">Natural gas chart courtesy of Trading Economics, annotations by Mish.<\/p>\n<\/figcaption><\/figure>\n<\/div>\n<p><strong>Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down<\/strong><\/p>\n<p>The Wall Street Journal reports\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/some-european-factories-long-dependent-on-cheap-russian-energy-are-shutting-down-11655112927\" target=\"_blank\" rel=\"noopener\">Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down<\/a><\/p>\n<blockquote class=\"m-blockquote l-inline\"><p>For decades, European industry relied on Russia to supply low-cost oil and natural gas that kept the continent\u2019s factories humming.<\/p>\n<p>Now Europe\u2019s industrial energy costs are soaring in the wake of Russia\u2019s war on Ukraine, hobbling manufacturers\u2019 ability to compete in the global marketplace. Factories are scrambling to find alternatives to Russian energy under threat that Moscow could abruptly turn off the gas spigot, bringing production to a halt.<\/p>\n<p>Europe\u2019s producers of chemicals, fertilizer, steel and other energy-intensive goods have come under pressure over the last eight months as tensions with Russia climbed ahead of the February invasion.<em>\u00a0Some producers are shutting down in the face of competition from factories in the U.S., the Middle East and other regions where energy costs are much lower than in Europe. Natural-gas prices are now nearly three times higher in Europe than in the U.S.<\/em><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><strong>The Sanction Impact<\/strong><\/p>\n<div class=\"m-detail--body-item m-detail--body-item-inline\">\n<figure class=\"l-inline tml-image m-detail--tml-image--inline\"><a><picture class=\"is-loaded\"><source srcset=\"https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_380\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.webp 380w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_620\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.webp 620w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_700\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.webp 700w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_1054\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.webp 1054w\" type=\"image\/webp\" sizes=\"(min-width: 1240px) 700px, (min-width: 675px) 620px, calc(100vw - 40px)\" \/><source srcset=\"https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_380\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.png 380w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_620\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.png 620w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_700\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.png 700w, https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_1054\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.png 1054w\" sizes=\"(min-width: 1240px) 700px, (min-width: 675px) 620px, calc(100vw - 40px)\" \/><img loading=\"lazy\" decoding=\"async\" class=\"m-detail--tml-image m-image\" src=\"https:\/\/mishtalk.com\/.image\/t_share\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.png\" srcset=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"Global map from Nations Online Project, annotations by Mish\" width=\"1054\" height=\"718\" data-src=\"https:\/\/mishtalk.com\/.image\/c_limit%2Ccs_srgb%2Cq_auto:good%2Cw_700\/MTg4NTEzNTMxNDkzMDk5MTI0\/global-natural-gas-flow.png\" \/><\/picture><\/a><\/p>\n<div class=\"m-detail--tml-image-wrapper\">\n<div class=\"m-detail--tml-image-container\"><\/div>\n<\/div><figcaption>\n<p class=\"tml-image--caption\">Global map from Nations Online Project, annotations by Mish<\/p>\n<\/figcaption><\/figure>\n<\/div>\n<p><strong>De-Globalization: New Supply Chains Are Inefficient and Will Drive Up Inflation<\/strong><\/p>\n<p>On April 4, I wrote\u00a0<a href=\"https:\/\/mishtalk.com\/economics\/de-globalization-new-supply-chains-are-inefficient-and-will-drive-up-inflation\">De-Globalization: New Supply Chains Are Inefficient and Will Drive Up Inflation<\/a><\/p>\n<p>What I called &#8220;proposed&#8221; then is happening now.<\/p>\n<p>The EU does not want to use Russian oil or natural gas.<\/p>\n<p>So instead, the EU gets oil from Saudi Arabia and has turned to the US for liquid natural gas (LNG).<\/p>\n<p>This economic madness is driving up the price of natural gas in the US as well.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Harsh Reality of Energy TINA Strikes the US and Europe Hello EU and President Biden &#8220;There Is No Alternative&#8221; to Russian energy. Natural gas chart courtesy of Trading Economics, annotations by Mish. Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down The Wall Street Journal reports\u00a0Some European Factories, Long Dependent on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[328,14648,13390,13351,694],"class_list":["post-62894","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-fossil-fuels","tag-michael-shedlock","tag-mishtalk","tag-price-inflation","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62894"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62894\/revisions"}],"predecessor-version":[{"id":62895,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62894\/revisions\/62895"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}