What if Russia shuts off gas supplies to Europe?

Russia has threatened to close a major gas pipeline to Germany after the US pushed for a ban on oil imports from Moscow to Europe.

Russian Deputy Prime Minister Alexander Novak “stimulated fears of an energy war” by warning that the Kremlin could impose an embargo on the pumping of gas through the Nord Stream 1 pipeline, Guardians.

Moscow responded after Joe Biden called for a boycott of Russian oil because Invasion of Ukrainein a video conference yesterday with the leaders of France, Germany and Britain.

Novak claims that cutting Russia’s oil supply will “lead to catastrophic consequences for the global market,” with consumers facing skyrocketing prices. And finding a replacement would “take years”, he warned.

Scramble for alternatives

Russia is believed to provide about 40% of the EU’s gas and 25% of the bloc’s crude oil. So if Moscow turns off the faucet, “some immediate disruption will be inevitable”, says The Economist.

David Victor of the University of California, San Diego, told the paper the effects would be felt most profoundly in Slovakia, Austria and parts of Italy, while Germany would be the most vulnerable of the two. major countries in Europe.

German Economy Minister Robert Habeck has “tried to assuage concerns”, said walkie talkie. In a radio interview last week, Habeck stressed that Berlin was “prepared” for the possibility of a loss of Russian gas supplies and could “give clear information for winter and summer.” present”.

However, former Brexit secretary David Frost warned that “allocation could come while people scramble for alternatives”.

In spite of Britain doesn’t get much oil and gas from RussiaFrost said in an article published on Sun today. “The price will go up even more. We will have to compete with others for gas,” he wrote.

Frost thinks it’s time to “start cracking”, although Business Secretary Kwasi Kwarteng has so far opposed calls by the UK to end the ban.

A boom or block for green energy

The Daily Mail’s first page Today’s introduction to “traces for gas to break Putin’s grip”. The article said Boris Johnson would “give the green light to more drilling in the North Sea to help stabilize global prices and improve the UK’s resilience”. “Ministers are also expected to endorse plans for a new generation of ‘mini-nuclear weapons’ to rapidly increase nuclear power production.”

Four months since Cop26where world leaders pledged to reduce dependence on fossil fuels, “the global energy landscape has changed dramatically”, Financial Times.

As European countries are looking for “ways to quickly detox from Russia’s oil and gas addiction”, they are forced to “reconsider the timelines of commitments to cut fossil fuel use”.

Economist Dieter Helm, professor of energy policy at the University of Oxford, predicts that in the short term, “the US will increase oil and gas production, and the North Sea could receive some further investment. ”, while EU coal consumption may increase.

But other experts “believe that the war has brought a new sense of urgency to the task of transitioning away from coal, oil and gas, which could be a turning point,” the article said.

President of the European Commission Ursula von der Leyen tweeted yesterday she will be looking at “proposals on how to rapidly eliminate our dependence on Russian fossil fuels”. And German Finance Minister Christian Lindner has called renewable energy “free energy”.

German TV station Deutsche Welle The hope is that “the sudden push to reduce Europe’s dependence on Russian gas and oil could trigger a paradigm shift toward clean energy sources that can be rapidly expanded.” What if Russia shuts off gas supplies to Europe?

Fry Electronics Team

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