The out-of-control energy crisis across the EU has brought attention to the serious implications of impulsive green energy policies and the importance of investing in commodity inventories.
Although energy prices have modestly subsided after Russian President Vladimir Putin instructed state-run Gazprom to boost natural gas supplies to Europe’s storage facilities come November, the crisis is far from over, especially with cold winter months just around the corner.
The surge in fuel costs across the EU is mostly the result of the bloc’s neglectful attitude towards traditional commodities such as coal and natural gas, and years of policies transitioning the continent towards a green agenda. “Russia is not responsible for Europe’s energy crisis, it lies on those people responsible for the energy policy,” said Russia’s envoy to the EU Vladimir Chizhov to RT News.
“Like if you pump a few more million euros into those propellers and solar panels, the sun will shine brighter and the wind will blow in the right direction and with the right speed, but that is certainly not the case,” he explained, adding that countries looking to eradicate coal and nuclear energy should also focus on ensuring that their reserve capacities are full. “For the foreseeable future and for the long-term perspective, for those unhappy days when the wind is not blowing, and there’s no sun, they will need natural gas.”
The envoy’s comments come as prices for gas, oil, coal, and electricity continue to remain elevated not only in Europe, but Asia and other parts of the world.
Information for this briefing was found via RT News. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.