This might prove interesting

signing their country away

Russia reverses gas flow to Europe

Part of a key pipeline transporting natural gas from Russia to Europe suddenly reversed its flow direction Tuesday, Reuters reported.

Flows in the Yamal-Europe pipeline, which sends natural gas to Germany via Poland, were recorded going eastward away from Europe on Tuesday morning, data from the European firm Gascade showed, Reuters reported, citing data from German network operator Gascade. Flows leaving Germany were moving at a whopping 4.3 million kilowatt-hours per hour at one section of the pipeline.

The pipeline is operated by the Russian state-owned energy giant Gazprom and is one of three routes the company uses to export natural gas to western Europe. The Yamal-Europe pipeline is responsible for 10% of the region’s natural gas supplies, meaning a substantial flow shift could lead to much higher energy prices for many European consumers.

Overall, Russia is responsible for approximately 47% of European gas imports, the most recent Eurostat data showed. 

“If Russia stops the gas supply to Europe, it could have a seismic impact on European energy,” International Energy Agency (IEA) Executive Director Fatih Birol told the Guardian in an interview last month. “(Russia) has to consider the consequences if existing oil and gas supplies to Europe are halted.”

Not all that long ago the smartest thinkers in Europe scoffed at the idea that Russia would destroy the world’s economy by plunging Europe, and then the world into economic collapse. In fact, they literally laughed out loud when Trump suggested that Europe’s complete dependence on Russian energy would make them hostages of a mad man.

Well, most people, including myself, didn’t believe Putin would risk the self-inflicted damage he’d cause his own country by invading Ukraine, And today, his press secretary threatened nuclear war. What China started, Putin may well finish.

On the bright side, this might in the long run cause countries to come to their senses, and stop their mad rush to dismantle the fossil fuel infrastructure. Then again, as Mr. Keynes pointed out, in the long run, we’re all dead.