Posted on 03/09/2022 8:03:32 AM PST by Oldeconomybuyer
BRUSSELS (AP) — Europe faces a tough choice: Is it worth a recession to choke off oil and gas money to Russia while it fights a war in Ukraine?
The 27-member European Union faces far more economic pain from the war and resulting sanctions than the U.S. — true above all when it comes to the oil and gas that powers vehicles and keeps the heat and lights on.
While the U.S. and British bans on Russian oil increase the pressure on Europe to follow suit, the continent’s dependence on Russia for energy makes an immediate embargo much more difficult. Still, some officials say it is the only way to stop pouring billions in oil and gas revenue into President Vladimir Putin’s coffers, despite the near certainty of record inflation worsening.
Prices for everything from food to electricity are already painfully high partly because of skyrocketing natural gas prices in Europe. Governments have rolled out subsidies to compensate people for high utility bills, while gasoline has risen above 2.01 euros per liter — the equivalent of $8.33 per gallon, meaning filling up a compact car could cost 90 euros ($98).
Those costs already are cutting into consumer spending, with inflation at all-time high of 5.8%. The question is: How much more pain can Europeans take to try to stop Putin’s attack on Ukraine?
“The consequences to the European economy would be major,” said Simone Tagliapietra, an energy policy expert at the Bruegel think tank in Brussels. “And therefore, there would need to be an upfront, clear, political decision that we are willing to compromise our economy, we are willing to afford a recession, in order to hit Putin where it hurts.”
(Excerpt) Read more at apnews.com ...
Welcome to the 19th century! China is going to appreciate the surplus.
Looks like everyone is forced to sing from the same songbook. Very similar to when the virus made its rounds. Amazing what the world has come to.
Sort of like the dung fire smoke wafting past the porch of the old mud/thatch hut at dawn.......
We are almost in Spring.
Between reserves and increased output from both Norway and Qatar, and willingness to use more coal, the EU would be fine at this point.
Dang shame the US can’t take advantage and get in on this due the the Leftist Eco-Geek Climate Religionists.
What a bunch pussies...
They face pressure to slit their own throats? Europe has no alternative to Russian oil and gas in the short term.
Boeing has cut off Russia from titanium supply (35%), but Airbus has not, and they’re 55% of Airbus’ titanium supply.
Europe faces pressure to join boycott of Russian oil and gas
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It looks like the globalists may go “all in” on this one folks.
Have you got your “Z” t-shirt handy so they know you weren’t one of the Anglo-Zionists advocating for going all in? Maybe paint one on your garage door.
Maybe paint one on your garage door.
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I could do it in lamb’s blood...really confuse people.
Hey Globalists. See? the United States is very vulnerable because a lot of the raw materials that we use to produce food, the computer chips that go into our weapons, etc. come from nations whom we might be fighting with in a war.
Remember this.... AMERICA FIRST!!!! We need to become self sufficient and if you deny this now it will become more apparent very soon. VERY SOON! Wake up!
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