European energy crisis at critical mass

Europe is facing a gas shortage crisis which is driving up prices of other goods, including food, across the continent, partly due to the tensions in East Europe and fewer Russian gas deliveries to the bloc.

But certain European countries are experiencing massive gas and energy hikes, like the UK, which has also led to inflation.

Tensions between the West and Russia remain high, with the United States and its allies accusing Moscow of planning the invasion of its western neighbor, Ukraine, and Russia denying all the accusations.

The tensions are already starting to hurt Europe, which is largely dependent on Russian gas. The threats of sanctions against Russia are raising concerns regarding a possible disruption of supply incongruent with demand in the energy market.

Europe's energy crunch, it's worse than you think

Europe is facing a gas shortage crisis which is also driving up prices of other goods, including food, for consumers across the continent. That’s partly due to the tensions in East Europe and fewer Russian gas deliveries to the bloc.

There have been other factors at play as well, the cold winter, low gas storage levels, high European Union carbon prices, fewer liquefied natural gas tanker deliveries due to higher demand from Asia, lower than normal Russian gas supplies and infrastructure outages, are all cited as reasons why the continent is facing a potential energy crisis.

The crisis which we have is in part self made by the European Union because they have allowed the storages to run pretty empty; in wintertime! This is crazy. And there's another story from the EU side which is unprecedented, I think, in the world's history, that there's a double pipeline, brand new, ready to deliver on Germany's shores, coming directly from Russia, and we are refusing to use that second double pipeline.

Christoph R Horstel, Politician and Journalist

If Russia invades Ukraine, Nord Stream 2 will be suspended: Biden

US President Joe Biden promises no Nord Stream 2 if Ukraine is invaded by Russia.

That explains the rising energy prices across the continent with benchmark European gas prices at the Dutch TTF hub rising by 330% last year, while benchmark German and French power contracts have more than doubled.

The United Kingdom is facing rising inflation at rates not seen for the past three decades. A major retail company is now warning that the worst is yet to come.

Britain's biggest retailer Tesco says the prices of its products can go up as much as 5% in the months to come. The company blames this state of affairs on the rise in energy bills.

Last week, the Bank of England raised interest rates, for the second time in three months, after forecasting that peak inflation will reach a record seven percent in April.

Millions of Britons set to face soaring energy bills from April

Millions of UK households are set to experience a sharp rise of more than 50 percent in their gas and electricity bills in April, after energy regulator announced a record-breaking increase to its price cap.

What the European countries can't deny is that they need Russian gas.

Take Germany, for example, which is expecting the Nord Stream two pipeline project to become operational.

The pipeline would potentially supply 26 million German households but the United States might be the one to prevent that from happening.

The notion that Nord Stream 2 would go, Nord Stream would go forward with an invasion by the Russians; just not going to happen.

US President, Joe Biden

And it's Europe which is not, you know, trying to make a good connection with Russia and see to it that Nord Stream 2 starts producing, starts delivering, this is the situation. It’s crazy situation and I think there is no situation like this in human history that the goods are ready, but the victim refuses the goods because there's a strong guy behind like Washington, like the US, stopping that.

Christoph R Horstel, Politician and Journalist

Envoy rejects West's 'fake news' of Russian plan to invade Ukraine

The West has started an intelligence war against Moscow, says Russia’s ambassador to the United States Anatoly Antonov, adding that “not even one of Russia’s high-ranking representatives has ever said that Russia is going to attack any state.”

The US has been warning of what it calls an imminent Russian attack on Ukraine, Despite Ukrainian official’s statements to the contrary.

Some NATO members are reluctantly backing Washington on this but it is the Europeans who would have to bear the consequences of any conflict or tension on the continent and not the US.

Thus, diplomacy and dialogue seem to be the only feasible options between the two sides as increasing tension would not be in anyone's interest.

Harris to attend Munich summit to rally US allies against Russia

US vice president Kamala Harris is slated to hold a series of meetings with American allies and partners at the Munich Security Conference next week amid soaring tensions with Russian over Ukraine.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk