{"id":64112,"date":"2022-11-14T08:24:41","date_gmt":"2022-11-14T13:24:41","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64112"},"modified":"2022-11-14T08:24:41","modified_gmt":"2022-11-14T13:24:41","slug":"europe-may-see-forced-de-industrialization-as-result-of-energy-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64112","title":{"rendered":"Europe May See Forced De-Industrialization As Result Of Energy Crisis"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Europe-May-See-Forced-De-Industrialization-As-Result-Of-Energy-Crisis.html\">Europe May See Forced De-Industrialization As Result Of Energy Crisis<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\"><strong>European industries including ferroalloys, fertilizer plants and specialty chemicals are shutting down as a result of the ongoing energy crisis.<\/strong><\/li>\n<li aria-level=\"1\"><strong>Certain industries may not come back, even if the energy crisis eases.<\/strong><\/li>\n<li aria-level=\"1\"><strong>An increasingly tight regulatory environment is another reason for de-industrialization in Europe.<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\">\n<picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-11-03_zn8loiuh2a.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-11-03_zn8loiuh2a.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-11-03_zn8loiuh2a.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture>\n<\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>The European Union has been quietly celebrating a consistent decline in gas and electricity consumption this year amid record-breaking prices, a cutoff of much of the Russian gas supply, and a liquidity crisis in the energy market.<\/p>\n<p>Yet the cause for celebration is dubious: businesses are not just curbing their energy use and continuing on a business-as-usual basis. They are shutting down factories, downsizing, or relocating. Europe may well be on the way to deindustrialization.<\/p>\n<p>That the European Union is heading for a recession is now quite clear to anyone watching the indicators. The latest there\u2014<a href=\"https:\/\/www.reuters.com\/markets\/europe\/euro-zone-october-business-activity-takes-another-inflation-hit-pmi-2022-10-24\/\" target=\"_blank\" rel=\"noopener\">eurozone manufacturing activity<\/a>\u2014fell to the lowest since May 2020.<\/p>\n<p>The October reading for S&amp;P Global\u2019s PMI also signaled a looming recession, falling on the month and being the fourth monthly reading below 50\u2014an indication of an economic contraction.<\/p>\n<p>In perhaps worse news, however, German conglomerate BASF said last month it would permanently downside in its home country and expand in China. The announcement served as a blow to a government trying to juggle energy shortages with climate goals without extending the lives of nuclear power plants.<\/p>\n<p>\u201cThe European chemical market has been growing only weakly for about a decade [and] the significant increase in natural gas and power prices over the course of this year is putting pressure on chemical value chains,\u201d said BASF\u2019s chief executive, Martin Brudermueller, as\u00a0<a href=\"https:\/\/www.ft.com\/content\/f6d2fe70-16fb-4d81-a26a-3afb93e0bf57\" target=\"_blank\" rel=\"noopener\">quoted<\/a>\u00a0by the FT, in late October.<\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Europe May See Forced De-Industrialization As Result Of Energy Crisis European industries including ferroalloys, fertilizer plants and specialty chemicals are shutting down as a result of the ongoing energy crisis. Certain industries may not come back, even if the energy crisis eases. An increasingly tight regulatory environment is another reason for de-industrialization in Europe. The [&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":[33370,265,279,281,284,13719,5332,1264],"class_list":["post-64112","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-de-industrialization","tag-energy-crisis","tag-eu","tag-europe","tag-european-union","tag-irina-slav","tag-oilprice-com","tag-recession"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64112","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=64112"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64112\/revisions"}],"predecessor-version":[{"id":64113,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64112\/revisions\/64113"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}