European Gas Prices Hit Record High As Germany Blocks Nord Stream 2

ER Editor: It needs to be noted that the German Greens, led by former Young Global Leader Annalena Baerbock (now Germany’s new foreign minister), are as Atlanticist-neocon as it’s possible to be. You wouldn’t expect them to be friendly to Russia, even while Germans and Europeans are sorely in need of cheaper gas. Blocking Nord Stream 2 naturally puts economic pressure on ordinary people as prices rise. But then the so-called Left don’t care in the slightest about ordinary people.

Nord Stream 2 was always Angela Merkel’s project; she fought hard against US pressure to make sure the pipeline was completed, which happened around September. Now she’s officially gone. What’s replaced a relatively more coherent government, despite Merkel’s considerable failings, is a completely incoherent one, with a globalist lackey as foreign minister.

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European Gas Prices Hit Record High As Germany Blocks Nord Stream 2

Tyler Durden's Photo  TYLER DURDEN

European gas futures surged to a record high on Tuesday after Germany blocked Russia’s Nord Stream 2 pipeline from launch because it did not comply with European law.

German foreign minister Annalena Baerbock said all three parties that make up the new government (Social Democrats, Greens, and Free Democrats) agreed that the newly constructed Nord Stream 2 pipeline failed to meet European energy law requirements.

“And that means that, as things stand at the moment, this pipeline can’t be approved because it does not fulfill the requirements of European energy law,” Baerbock said.

Berlin’s block of Nord Stream 2 sent European natgas prices to the highest levels ever. Dutch month-ahead gas, the European benchmark, jumped more than 3% to 119.50 euros, surpassing the Oct. 5 high of 117.90 euros.

And it’s very specific to Europe as the arbitrage to US natgas has never been wider…

While ‘record high’ is enough of a problem, for context, this is equivalent to a $232 price for a barrel of crude oil… strongly suggesting the pressure to switch must be building (and with it demand for crude, which could skupper Biden’s cunning plan to lower US gasoline prices)…

Over the last month, a series of setbacks for the new Russian pipeline have been seen. German energy regulators suspended Nord Stream 2’s certification process, and the US has also sanctioned companies affiliated with the pipeline’s construction.

Baerbock also said geopolitical uncertainties in Ukraine were “also a factor” as Russia has amassed more than 100,000 troops on the border. (ER: What does this have to do with European citizens’ need for cheaper gas in the middle of winter?) “The last government discussed with the Americans that if there are further escalations, this pipeline can’t come online,” she added.

Baerbock’s comments show Germany’s new government aligns with Western imperialism, led by the US, is hellbent to keep Ukraine’s gas transit running. Not allowing the new pipeline to open additional supplies to Europe amid a severe crunch in natgas stockpiles has sent electricity prices soaring.

Germany is shooting itself and the rest of Europe in the foot by not allowing the Nord Stream 2 pipeline to open because they support Ukraine. With a series of cold spells hitting Europe and no signs of the energy crunch abating anytime soon — it’s only a matter of time before people become infuriated with politicians. (ER: Say what? They already are!)

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