https://spectatorworld.com/topic/the-west-is-on-the-road-to-energy-ruin/
Since the beginning of the Ukraine war and the sanctions it triggered, energy prices have skyrocketed. President Joe Biden has called this year’s high energy prices “Putin’s price hike.” British prime minister Liz Truss told households that their high energy bills were a fair price to pay for solidarity with Ukraine. Margrethe Vestager, vice president of the European Commission, has encouraged Europeans to take short, cold showers to conserve energy. “When you turn off the water, say ‘Take that, Putin!’” she urged.
But are the high prices really Putin’s fault? He didn’t sanction himself, after all. It’s the West that chose to cut itself off from the Russian fossil fuels upon which it had come to rely. Moreover, the sanctions have failed — Russia’s corporate profits leapt 25 percent between the imposition of the sanctions and the end of August.
So what are the origins of the current energy crisis? When did it really begin?
Let’s play a game. Guess which year these headlines are from: “Curtailed ammonia production in Antwerp and Ludwigshafen.” “High natural gas prices lead to a shutdown of British fertilizer plants.” “Diesel Shortage Amid Soaring Prices: Truck Stops Resort To Rationing.” If you guessed 2022, you’d be wrong. Those are all from September 2021.
The truth is that the energy crisis began to take effect late last year. A combination of post-Covid demand rebound, a wind drought in Europe and depleted fossil fuel storage on the continent all collided to put serious pressure on the world’s industrial systems. Add the longstanding overinvestment in unreliable renewables, nuclear plant closures across the world in the wake of the Fukushima disaster and a global drop of more than 50 percent in oil and gas investment — from $700 billion to $300 billion — between 2014 and last year, and you have everything you need to kick off a global energy crunch. Russian tank treads running from the Donbas to Kyiv just made it all worse.