EU COMMITS ECONOMIC SUICIDE

EU COMMITS ECONOMIC SUICIDE – CUTS OFF ITS OWN ENERGY SUPPLY

EU’s decision to ban Russian oil, with two-thirds to be cut immediately and 90 percent by the end of 2022, is mind-bogglingly stupid.

And it’s not just the oil the EU embargoed, it’s gas as well.

The EU is heavily reliant on Russia’s natural oil gas.  Several countries are 100 percent reliant on it.

Russian Energy Giant, Gazprom announced yesterday it had now cut supply altogether to Bulgaria, Poland and Finland, with Denmark next on the list.

Putin, meanwhile, is still sitting pretty over in Moscow.

For eight years he has built up Russia’s productive capacity and basically ‘sanction-proofed’ the whole Russian economy.

Europe, on the other hand, spent the same years in dismantling all its fuel infrastructure and replacing it with unreliable and expensive ‘green energy’.

And before you say anything:-  ‘NO’!  Alternative energies are not going to save the day here.

The EU’s Alternative Energy sector accounts for a tiny sliver of its energy consumption needs, most of which still depends on fossil fuel.

You will NEVER replace that consumption with solar and wind towers – you just won’t.  It’s impossible.

Putin and Victor Orban appear to be the only two world leaders who understand this.

Orban said joining the EU’s ban would have “dropped an atomic bomb” on Hungary’s economy.

Putin simply said the EU’s ban was “economic suicide”.

All of which makes you wonder, ‘what on earth was the EU thinking’?

MSNBC’s interview with EU President Ursula Von Der Leyen the other day, may provide a clue.

The woman clearly has NO idea how oil markets work – AT ALL!

And at the end of the day, isn’t that what this is really about?

A bunch of incredibly ‘unserious people’, most of whom have never held a real job, or produced anything of value in their lives, being gifted with decision-making powers well beyond their capabilities or intelligence?

Anyone who thinks I’m exaggerating here, consider this:-

On 2 March, OPEC nations agreed to release an extra 60 million barrels of oil to ease global fuel shortages.

It sounds a lot, but it’s only a blip compared to what Russia exports each day – 5 million barrels of crude oil.

When you take OPEC’s 60 million and divide it by five, you are left with just 12 days’ worth of what Russia exports.

Not much of a buffer is it!?

And yet that’s the situation they have put us in.