Most Europeans cannot yet see or smell the gastastrophe, but in the markets the warning signs are already flashing red
h , are almost as high as in early March, after Russia invaded Ukraine, and seven times their long-run level. Governments are preparing bail-outs of crippled utilities in France and Germany, and some investors are betting on which industrial firms will go bust later this year as rationing takes hold. While most of Europe’s politicians fail to level with the public about the hard choices that lie ahead, even grizzled energy traders used to wars and coups have started to sound worried.
As Mr Putin understands all too well, gas is also a market in which Russia holds the whip hand. Its economy would collapse without oil exports that on average have been worth 10% of itsover the past five years—which is why Russia has gone to extraordinary and largely successful lengths to break the. By turning down the taps on its pipelines, it thinks it can inflict more pain on Europe than it visits on itself.cargoes from America and elsewhere.
Consumers, who use gas directly for heating and cooking, as well as indirectly as electricity, have little idea of what may hit them. At the moment, many are protected by price caps, subsidies and long-term contracts. The typical German pays at least 70% less than the market price for gas. Industrial users such as chemicals and glassmaking firms are in trouble, as well as a broad list of businesses, including manygrowth by 3.4 percentage points and raise inflation by 2.
Belgique Dernières Nouvelles, Belgique Actualités
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