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Welcome To The Greatest Energy Crisis In History

Welcome To The Greatest Energy Crisis In History

Welcome To The Greatest Energy Crisis In History – Things Will Only Get Much More Painful From Here Michael Snyder Just as the western world was accelerating the transition away from traditional forms of energy, the COVID pandemic caused the most epic supply chain crisis in history, and now the largest land war in Europe since World War II has thrown global energy markets into a state of complete and utter chaos.  And if you think that things are bad…

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Dieselgeddon – America’s diesel supply on verge of catastrophic collapse

Dieselgeddon – America’s diesel supply on verge of catastrophic collapse

Tumbling Inventories Send US Gasoline, Diesel Prices To Fresh Record High By Tsvetana Paraskova of OilPrice.com U.S. gasoline prices continued to rise, setting another all-time high on Wednesday at $4.404 per gallon average nationwide, data from AAA showed today.  That’s the highest recorded average price for gasoline in the United States, ever. Diesel prices also hit a new high on Wednesday, reaching $5.553 a gallon. This is the highest average price ever recorded, too.   Average U.S. gasoline prices have reached new records…

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Ukraine Cuts Off Gas To Europe

Ukraine Cuts Off Gas To Europe

What Ukraine’s block on Russian gas means for Europe Kiev has stopped flows via a key transit point, raising fears of European energy shortages © Getty Images / Michael Moeller / EyeEm Ukraine’s gas network operator on Wednesday stopped the transit of Russian natural gas to Europe through one of its key cross-border stations, citing “interference by the occupying [Russian] forces.” Here is what this development means for the European gas market and economy. What happened? Ukraine’s gas network operator, GTS Ukraine,…

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Turkey increasing jail time for food stockpiling

Turkey increasing jail time for food stockpiling

Ahval News, 10 May, 2022 The Turkish government is preparing to increase jail sentences over charges of food stockpiling to up to three years, the justice minister announced on Tuesday, as the country faces soaring inflation amid an economic downturn. Ankara is preparing to reset a lower and upper limit to jailtime on the crime, Cumhuriyet newspaper cited  Bekir Bozdağ as saying. “We are changing the penalty of food stockpiling and price gouging to between one and three years in prison,” Bozdağ…

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Power Grid Operators Warn Of Potential Electricity Shortages Amid Transition To Clean Energy

Power Grid Operators Warn Of Potential Electricity Shortages Amid Transition To Clean Energy

Power-grid operators across the US warn that power-generating capacity struggles to keep up with demand, a worrying sign ahead of summer where heatwaves could lead to rolling blackouts. Zero Hedge, 10 May, 2022 The Midcontinent Independent System Operator, or MISO, operating in 15 states across the US Central region, said last month that capacity shortages this summer due to soaring summer demand might result in outages. Last Friday, California Independent System Operator, or California ISO, outlined energy shortfalls this summer…

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Sanctions and global hunger

Sanctions and global hunger

Germany warns of global famine ‘Millions’ could die because of the pandemic and the ongoing military action in Ukraine, Berlin’s development minister believes FILE PHOTO. ©  Global Look Press / imagebroker / Arco Images / Doerr The world is about to face an acute food crisis due to skyrocketing food prices, German Economic Cooperation and Development Minister Svenja Schulze told the Bild newspaper on Saturday, warning about a looming famine not seen since World War II. The minister has named the Covid-19…

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Peak Oil raises its head

Peak Oil raises its head

Tverberg: The World Has A Major Crude Oil Problem; Expect Conflict Ahead Authored by Gail Tverberg via Our Finite World blog, Media outlets tend to make it sound as if all our economic problems are temporary problems, related to Russia’s invasion of Ukraine. In fact, world crude oil production has been falling behind needed levels since 2019. This problem, by itself, encourages the world economy to contract in unexpected ways, including in the form of economic lockdowns and aggression between…

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Economic collapse news – 2 May, 2022

Economic collapse news – 2 May, 2022

New Record for Diesel Fuel Prices A new record has been set for national truck stop retail diesel at $5.28/gallon ($.81/mile). An owner-operator doing 7000 miles per month and getting 6.5 MPG would have seen their fuel bill jump $1800/month since the start of the year. This staggering price for diesel fuel will result in massive price increases for . . . . everything . . . because literally E V E R Y T H I N G, except…

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Hungary’s revelations about Russian gas

Hungary’s revelations about Russian gas

Hungary Throws EU Neighbors Under The Bus, Says 10 Nations Technically Buying Gas-For-Rubles From Putin The Ruble has ‘mysteriously’ surged to six-month highs against the dollar (and even stronger relative to the Euro) over the last few weeks since Russian President Putin demanded Rubles-for-Gas… But now, Hungarian Prime Minister Viktor Orban’s chief of staff, Gergely Gulyas, appears to have spilled the beans on what is really going on among the Russia-dependent European nations. Gulyas told public radio on Sunday that while…

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