Yes, but the shift in future supply will not mitigate the shock wave spreading across Europe this winter and energy prices are unlikely to decrease as long as they allow Greta to run their energy policy.
Inflation in the UK and in other major European economies is shocking and as we are going to find out here in the US, it impacts every facet of an economy from top to bottom. I would argue that energy prices are the single biggest factor in the inflationary spiral we now see throughout the world.
I actually agree with all your comments.
“Yes, but the shift in future supply will not mitigate the shock wave spreading across Europe this winter”
Very true. But each year gets easier/better. Important thing is to have supply, even if expensive supply.
“I would argue that energy prices are the single biggest factor in the inflationary spiral we now see throughout the world.”
Very true. On the positive side, the US uses much less energy per dollar of GDP than years and decades ago. Interesting chart here: https://www.statista.com/statistics/189759/us-energy-consumption-per-real-dollar-of-gdp-since-1975/
I doubt if there is rioting in Europe this winter over energy costs. But people are definitely going take shorter showers and wear a sweater in the winter to save on costs.
In the rest of the world which is poorer, riots over energy and food costs are very possible. It is what it is.