{"id":21057,"date":"2022-06-26T16:10:28","date_gmt":"2022-06-26T16:10:28","guid":{"rendered":"http:\/\/egrowonline.com\/?p=21057"},"modified":"2022-06-26T16:10:28","modified_gmt":"2022-06-26T16:10:28","slug":"european-gas-crisis-has-global-ripple-effects","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=21057","title":{"rendered":"European Gas “Crisis” Has Global Ripple Effects"},"content":{"rendered":"


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Germany activated the \u201calarm stage,\u201d phase two of three of the country\u2019s emergency methane-based gas plans, on Thursday after Russia\u2019s Gazprom throttled deliveries by 60%. Phase three would allow the government to implement energy rationing. German economic minister Robert Habeck told reporters the cutbacks were a direct political attack in retaliation for Germany\u2019s sanctions against Russia and military support for Ukraine.<\/p>\n

\u201cEven if you don\u2019t feel it yet: We are in a gas crisis,\u201d he said. \u201cWinter will come.\u201d European gas prices rose, once again, in reaction to the news. Habeck warned this could have a \u201cLehman Brothers effect,\u201d explaining \u201c[t]he whole market is in danger of collapsing at some point.\u201d<\/p>\n

The ripple effects of limited gas supplies and skyrocketing European gas prices<\/a>, exacerbated by the explosion at the Freeport LNG plant in Texas\u00a0earlier this month<\/a>, are getting more severe across the globe. Pakistan faces blackouts as prohibitively expensive gas prices have forced the country, heading into its hottest months, to decline purchases three times in June. Down under, the Australian gas market is in disarray as suppliers scramble to secure gas to meet winter demands. Amid all of this, China is increasing its purchasing of methane gas<\/a> from Russia, tying the two countries\u2019 fortunes closer together.<\/p>\n

Sources: German emergency plan: Reuters<\/a>,\u00a0New York Times<\/a>\u00a0$,\u00a0Wall Street Journal<\/a>\u00a0$,\u00a0Reuters Factbox<\/a>; Lehman Brothers:\u00a0Fortune<\/a>; Euro ripple effects:\u00a0Bloomberg<\/a>\u00a0$,\u00a0Reuters<\/a>,\u00a0Bloomberg<\/a>\u00a0$,\u00a0Reuters<\/a>; Freeport explosion:\u00a0Reuters<\/a>; Pakistan:\u00a0Bloomberg<\/a>\u00a0$; Australia:\u00a0Reuters<\/a>; China:\u00a0Wall Street Journal<\/a> $<\/em><\/p>\n

Republished from\u00a0Nexus Media<\/a>.<\/em><\/p>\n


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Germany activated the \u201calarm stage,\u201d phase two of three of the country\u2019s emergency methane-based gas plans, on Thursday after Russia\u2019s Gazprom throttled deliveries by 60%. Phase three would allow the government to implement energy rationing. German economic minister Robert Habeck told reporters the cutbacks were a direct political attack in retaliation for Germany\u2019s sanctions against […]<\/p>\n","protected":false},"author":1,"featured_media":21058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[45],"tags":[3135,570,1928,3501,270,265],"class_list":["post-21057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-crisis","tag-effects","tag-european","tag-gas","tag-global","tag-ripple"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/20190820_natural-gas-power-plant-peaker-plant-california-generation-KYLE-e1644240608982.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21057"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21057\/revisions"}],"predecessor-version":[{"id":21059,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21057\/revisions\/21059"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/21058"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21057"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}