Energy Enduring an onslaught: Two Extraordinary Weeks
It’s almost difficult to accept, however in under about fourteen days, our energy viewpoint has changed decisively, and not to improve things.
On Monday, a ruthless act of terrorism destroyed both Nordstream I and II. These pipelines, which were able to transport 3.9 billion cubic feet of natural gas annually from Russia to Europe, were the continent’s primary source of energy. In the winter, up to 40% of the homes in Germany are heated by Russian Natural Gas, which burns cleanly and efficiently.
Liquid natural gas that will be transported across the Atlantic in tankers has been promised by the United States. However, even with the most optimistic forecasts, these LNG shipments will only provide a small portion of the Nordstream Pipelines’ supply. Europe now needs to look for a new source of natural gas somewhere else because this one has been cut off.
Particularly, Germany will have a hard time finding alternative, more expensive sources of power. There are few and far between options. Also, with Germany’s ongoing strategy of closing down coal and thermal energy stations, it doesn’t give the idea that they have any local arrangements.
The industrial base of Germany appears to have bleak prospects.
However, all of us will be affected by the Germans’ desperate attempt to locate additional energy sources outside of their borders. Oil, in particular, is a global commodity whose value is determined globally. Everyone’s costs will rise as Germany desperately searches for supply.
Ian was a tragedy on numerous fronts. Hurricane Ian struck Florida just three days after the Nordstream catastrophe. In any case, this monstrous tempest had been meandering through the Caribbean and the Bay of Mexico for quite a long time. 100 people have died in Florida alone as of this report. Ian will be one of the most devastating storms to ever strike the mainland because of the significant property damage it will cause.
The impact on the offshore oil wells in the Gulf of Mexico was just as devastating as it was for Ian when it reached land. With nearly 12 million barrels of oil produced every week, the Gulf is one of the main areas in the nation where petroleum is produced. This energy source is essential for the supply of gas and energy to the southern states.