Germany is one of the countries where energy costs and inflation have caused economic stress.
QUICK FACTS:
- Germany’s supermarkets are struggling to fill their shelves amid soaring inflation.
- In Germany, brands like Kellogg’s and Coca-Cola have not been restocked on grocery shelves, leaving many stores with empty racks.
- As a result of the protracted energy crisis, the price of food and other necessary items has been on the rise.
- Overall inflation in the country reached 10% in September, with inflation in the EU for the same month coming in just short of 11%.
PROBLEMS WITH NATURAL GAS SUPPLIES:
- Economists and elected officials have shared concern that the EU’s plan to keep prices of natural gas down might create an environment of increased scarcity.
- German Chancellor Olaf Scholz warned that the EU’s cap on natural gas prices could push supplies away from Europe and cause them to sell to other countries offering a higher price.
- Without a plan to negotiate further with large natural gas suppliers, Germany and the EU could lose their ability to add to their natural gas energy supplies at all.
BACKGROUND:
- Microsoft founder and climate crisis activist Bill Gates praised the European energy crisis earlier this week, telling CNBC that the lack of Russian oil is forcing the countries in Western Europe to push their plans to exit oil-dependent energy forward.
- “We need to find non-Russian hydrocarbon sources to substitute for those so there’s coal plants running and variety of things, because, you know, keeping, you know, people warm, keeping those economies in decent shape is a priority,” Gates said.
