Just when we thought leaders couldn’t possibly screw things up more…now Europe faces a massively crippling energy shock and the German Chancellor closes pipeline…NATO’s frightening race to war with Russia.
The inflation rate in Germany stood at +4.9% in January, 2022. In December 2021, it had been +5.3% when it reached its highest level in almost 30 years.
Soaring energy costs
The main inflation driver for Germany is energy, which in January saw an increase of 20.5% year on year.
According the the the Federal Statistical Office, motor fuel prices jumped 24.8% and household energy prices 18.3%, year on year. The price of home heating oil rose a whopping 51.9%, natural gas up 32.2% and electricity +11.1%.
The steep price rise for energy products was affected by several factors: 1) the CO2 charge that increased from 25 euros to 30 euros per metric ton of CO2 at the beginning of the year and 2) higher electricity prices.
Escalating to war
Now worries are growing that the situation Europe is about to get a lot worse.
Earlier today Chancellor Olaf Scholz announced that Germany was suspending the approval process for the Russian-German Nord Stream 2 natural gas pipeline – which means it cannot go online. The pipeline was built to be a major supply line to meet Germany’s energy needs as the country takes nuclear and coal power plants offline.
“55% of Germany’s natural gas demand is met by Russia’s Gazprom. Gas storage facilities in the country are currently only 31% full,” reports Disclose.tv.
2000 euros for 1000 cubic meters of gas
Dmitry Medvedev, Deputy Chair of the Security Council of the Russian Federation, reacted with a forceful tweet to the German move:
German Chancellor Olaf Scholz has issued an order to halt the process of certifying the Nord Stream 2 gas pipeline. Well. Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!
— Dmitry Medvedev (@MedvedevRussiaE) February 22, 2022
Nuclear superpowers’ mad race to world war
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