There is no excuse for advanced economies to experience a shortage of electricity, or of energy generally. The world has more than ample supplies of fossil fuels. And, if you buy the global warming hype, nuclear energy is the obvious alternative, although that implies universal use of electric vehicles that are devastating to the environment.
Nevertheless, an electricity crisis is upon us. From the U.K.: “Energy could be rationed ‘for years.'”
Europe faces years of energy rationing without Russian gas, the boss of Shell has warned. Ben van Beurden said it was a “fantasy” to think that Europe’s energy crisis would be resolved soon and he warned that if Moscow were to cut off all supplies, life would be “very hard”.
Gas prices for Britain for this winter closed on Friday at a record high of 827p per therm, more than 16 times higher than the average prices over the decade pre-crisis. Soaring wholesale gas and power prices have already fed through to record household bills, which are due to increase by 80 per cent to £3,549 a year from October.
The current crisis in Western Europe is due in part to the threatened cutoff of Russian natural gas. But countries like Britain and Germany are vulnerable to such a cutoff because they fecklessly failed to provide for their own energy self-sufficiency. That was an incredibly stupid policy, but one that is now being pursued by the Biden administration despite having the Western European example before it.