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The European Cost Of Living Crisis!

Rising energy prices could push UK inflation as high as 18% next year according to Citi. European gas prices rose sharply this week due to supply fears, after Gazprom Russia’s energy firm announced it would shut down the Nord Stream 1 pipeline – the main gas supply line to Europe – to complete three days of unplanned maintenance.

Right now, Britain and the EU are in the middle of a cost-of-living crisis driven by energy inflation. What can be done to prevent this from happening again?

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Written by Patrick Boyle

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  2. I really don’t get why some natural gas is selling for 14x the average price? Is anyone actually buying at that price and if so who and why? Ok natural gas is key to keeping a lot of industry and the economy going – but they aren’t going to be able to keep going for long at that elevated price are they?! And when people can’t keep going at that price, what’s going to happen? The price is going to come down. If they would just stop buying it at any old price it will come surely and we can cut the crap and avoid a piece of the crisis at least? Its not like the energy companies couldnt afford to sell it for less – an element of it was obviously surviving on 14x less just a couple of years ago. It seems from the outside as if they are just choosing to charge whatever they can get away with and stuff the impact on everyone else. For example, another thing I don’t really understand is how Gas producers from the UK are somehow bankrupting businesses and members of the UK general public with its gas prices whilst they are simultaneously a part of a fairly gas rich group of nations. What’s next Saudi Arabia’s economy struggling because of the high price of oil. The price spike seems to be verging on a cross between an unsustainable meme stock and the pandemic rush for toilet rolls, but it’s one of central commodities of western civilisation.

  3. In their infinite stupidity the European politicians have decided to further increase the reliance on intermittent power sources resulting in the need for costly over capacity and reliance on carbon heavy fossil fuels. It is maddening to witness this play out and be unable to stop the titanic from plowing into the iceberg.

  4. For gas problem, except that you mentioned is EU chooose spot gas trade and abandoned longterm contract gas with russia.
    There is always action and reaction.
    The policy of Europe leader is making faster their own collapse

  5. I'm 22 and live in the UK, all I can say is how lucky i am i still live at home with my parents, which isn't ideal but my jobs very dependant on housing developers to continue building, and I have already been made redundant 2 over covid. Just need the world to sort itself out so I can finally have a reliable long term income.

  6. nuclear has a bunch of upsides but lets not forget its also playing a role in the high electricity prices we see now in Europe. France is importing an insane amount of electricity because so many of its reactors are under renovation and effected by drought. This low output raises the prices for everyone in Europe and will not get better until sometime next year

  7. TLDR. Europe us screwed big time…they better negotiate or will face a cold, starving winter filled with riots…here in merica…we will be fine but our living standards might be bumped down a couple of notches

  8. The biggest problem for the Dutch, is that the drilling for the gass caused earth quakes. Government and drilling company denied the possibility of the drilling causing earthquakes. The earth quakes got worse, and then they researched it and it turned out the earthquakes were caused by the drilling. But that was not it.

    So the people who were/are being hit by these earthquakes are provincials in the north, so the big city folks don't care, and after finding out the government did nothing at first.

    After leaving it for a bit the government acted, said we had to completely stop drilling for gas and told the Dutch Oil Company that they had to compensate the people hit by the earthquakes. But wait, it gets worse.

    This process of compensation was poorly overseen, and any damage caused by the earthquakes was compensated for what the house was worth then, not before. So they would come into the home, look at the structural damage and say: "Well, we think your home in it's current state is worth 30,000 euros, so we're gonna compensate 30,000 euros." While before the earthquakes, their houses would have been wortg hundreds of thousands of euros.

    So then the government tried to step in more, they botched it, then they said, by the end of 2022 we would stop production, then they came back on this and they are still producing, but now they are afraid of losing voters in the sense that they dont want to increase productiin anymore. It's this big mess. Had the government just compensated these people by giving them like half a million and then turn around and fought the oil company themselves, this wouldve been a completely different story, and we would probably be able to scale up production and become filthy rich at the moment. Sadly, this isn't for us….

  9. No one to blame but themselves. Europeans we're warned not to become totally dependent on Russia for oil, not to flood their nations with tax payer dependent immigrants, not to shut down their nuclear power. This is a giant case of laying in the bed that was made.

  10. A note about the Dutch gas. We scaled down our gas production greatly because of earthquakes in the north, where the gas is mined. There was a lot of talk about strengthening the houses so the earthquakes would have less effect on houses and citizens. But this strengtheningwas delayed again and again, as the government and gas producers squabbled over who should pay for that while gas production was kept at the same level and even increased at times. After more than a decade, it was finally bad enough that there was no other option that scaling down production. So in our case, the transition to green sources of energy was not a big factor in shutting down production

  11. It is only going to get worse until what's causing the system to go crazy either collapses or the people refuse to bow down and revolt. The EU globalists are proving themselves once again to be massively incompetent.

  12. We could be fully nuclear, renewable, even coal, if we had batteries instead of gas peaker plants. We have to limit energy production from nuclear to avoid overloading the grid, and the little bit of extra energy needed is from peakers. Batteries could replace peakers and allow us to fully utilise non gas.

  13. Thanks. This was informtive as usual. I’d like to learn more how the electricity prices come about in the marke and what’s happening in the electricity futures market at the moment. I understand that some electricity producers can’t operate in the futures market according to their risk manage strategies because of the guarantee (don’t know if that’s the correct word in English) prices that they have to deposit. Wien Energie is insolvent and Fortum in Finland is asking the state (majority owner) to put up money for the guarantee deposits.

  14. Hi, the worst will happen after the rapture, please read the Book of Revelation! You must finally realize that we are living in the END of time, the 7 year rapture and tribulation with the ruler of the world (Antichrist, 666!) Is imminent. If you know the biblical prophecy of the end times and the plans of the NWO, you can easily see what is happening in the world. There is hope: convert to JESUS ​​CHRIST in time, then everything will be fine soon !!! Remember: JESUS ​​is GOD, see John 1!

    Read the New Testament, listen to Dr. Ron Rhodes and Roger Liebi on the end times, Rapture, Antichrist.

    Blessings from Canada

  15. What really frustrates me is just how avoidable this was. Since the 1970s (at least,) Western Europe and North America have had it amply demonstrated how fossil-fuel dependence is an enormous strategic liability. And since the Industrial Revolution, it has been well known that fossil fuel production is an environmental and humanitarian nightmare. But do we develop renewable energy sources (and no, natural gas is not a renewable source–that is silly,) or continue to develop nuclear power so domestic oil production can be adequate to local demand?

    No. That's stupid evidently.

    Instead, we develop a process where we take otherwise potable water (a very limited resource,) **mix it with poison**, and inject it miles below the earth…**hard enough to cause earthquakes**! There the poisonous water will sit for millennia before it could come into reach of the surface again, probably still toxic, because that is somehow good resource use.

  16. The cost of living crisis appears to be a global problem, although here in the UK it has been made worse by the increase in the prices of many goods. The prices of gas and even electric bills has increased drastically, I believe that the government can bring into play a policy that helps reduces inflation, but for some reason, I don't think they are concerned about how the common person would do in these strangely challenging times.

  17. starting a business is very difficult and impossible if you cannot create value in the market. once you create value and be able to solve problems, That is your success… it doesn't matter what business you run, you will succeed. a fellow creator

  18. I know we all love our personal cars and airplane vacations and stand-alone houses, but that is not the norm of history, even when you correct for the growth of technological knowledge. When a system starts throwing warning codes, you do what's necessary to correct it. Mother Earth is sending us warnings like crazy. Lake Mead drying up, and we SPECIFICALLY built it to assure the water and power supply that allowed the 20th-century growth of the American West. Lake Mead was supposed to prevent crisis and now it is creating crisis.

    Some people may say that Lake Mead is an artificial system that isn't guaranteed to always work. That's true, but how do you also explain the drying up of the Danube, The Yangtze, and now the Thames? (Yes, the headwaters of the Thames are bone-dry.)

    If you enjoy eating food and drinking water, or have friends and family that do, Patrick's blinkered perspective should terrify you.

  19. Currently, in Turkey, there is hyperinflation and it is crippling people's budgets so people have started to cut down on their food, eating cheaper carbonhydrade-based meals like eating more bread, etc.

  20. They've starved investment because they have not found significant oil fields in decades. If you find money (oil) after investing money, you continue this cycle. When you do not find significant reserves, you do not continue to invest. You can "invest" all you want like they did for decades but guess what THE EASY ENERGY IS GONE! Prepare for disaster!

  21. With the way things are moving, I think I need to see a video on "How to survive amidst the present recession". I mean, everything is in shambles. Surprisingly I heard people still make over 100K within a few months, and I'd like to know How and if it is still possible in these times or if I am being lazy.

  22. This is a great summary but we have quite a few energy storage solutions, like Advanced Rail Energy Storage, various thermal solutions (molten salt) and so forth.

  23. so glad that I stumbled to your vids! I saw you on Money & Macro and have now subscribed to your YT channel and Twitter. Keep up the detailed info and kick ass shit you provide! Thanks

  24. A modest increase in inflation over a modest period, say 7,% core over 3 years, followed by 4 years of 4% inflation yields a loss of purchasing power of about 30% more than the 2% rate we're used to after 7 years.

    Though a 30% greater devaluation after 7 years is not desirable, we can live with it.

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