close
close

Europe’s energy prices skyrocket, threatens political instability and economic disaster – Will Lind

https://www.youtube.com/watch?v=/lxhLn3WNSF8


Energy prices in Europe are skyrocketing, with prices rising 10 times the average of the last 10 years. GraniteShares founder and CEO Will Rhind says this could lead to economic disaster and political unrest.


Europe’s high energy prices were driven by Russia, which supplies 40% of the European Union’s gas needs, shutting down the Nord Stream gas pipeline for maintenance reasons.


Rhind said Europeans are in for a “very nasty surprise” when looking at their gas and electricity bills.


“This is a serious problem for people coming in the winter season,” he said. “Many of these inflationary effects we are seeing in the economy will really have an impact late this year and early next year.”

Rhind spoke with Kitco News anchor and producer David Lin.


Political instability over energy


The European energy crisis is expected to hit the UK hardest, with its residents expected to lose 8.3% of their spending power due to rising energy costs alone. Mr Rhind said a “grassroots organization” had started across the UK as Britons refused to pay their energy bills.


“A lot of people are against paying for fuel,” he said. “I think this will escalate unless something happens to mitigate the impact of these costs on household budgets.”


He warned that these trends could spill over into political unrest and instability.


“It’s already happened,” said Rhind. “Virtually every political agenda has been talking about fuel price caps or some form of intervention in the energy market.”


Underinvestment in conventional energy


Russia’s cutoff of gas supplies to Europe is a major factor in rising energy costs in Europe, but Rhind said underinvestment in traditional energy sources such as oil and gas has played a role in Europe’s slump. pointed out.


“There has been a significant underinvestment in traditional developments, especially in oil and gas, over the past decade, which makes things worse,” he said.


He noted that European politicians have invested in so-called green energy schemes such as wind and solar power, but “this is on the scale necessary to reduce these losses seen in conventional power systems.” has not been introduced rapidly enough to offset the energy source.”


Rhind added that after years of being “plundered by the political system”, nuclear power has “returned to the forefront” and is now seen as “a new and reliable source of energy”.


Watch the video above to see how Rhind thinks about how rising energy and food prices will affect the global economy.


Follow David Lin on Twitter. @davidlin_TV


Follow Kitoko News on Twitter: @ Kikko News NOW


Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.

.

Leave a Comment