Now we are being told that we are all going to “have costs” for the crisis in Ukraine. More specifically, the global energy crisis just took a dramatic turn for the worse, and so that means that all of us will soon be hit by dramatically higher energy prices. It is going to be much more expensive to fill up your vehicle, it is going to be much more expensive to heat your home, and increasing costs to transport the goods that we buy will make the overall rate of inflation even worse. Up to this point, a large chunk of the U.S. population really didn’t have much interest in following the conflict in Ukraine, but now it is going to have a huge impact on every single one of us.
In response to the Russians moving forces into Donetsk and Luhansk on Monday, the Germans decided on Tuesday to put the Nord Stream 2 pipeline on hold indefinitely…
Germany on Tuesday halted the Nord Stream 2 Baltic Sea gas pipeline project, designed to double the flow of Russian gas direct to Germany, after Russia formally recognised two breakaway regions in eastern Ukraine.
Europe’s most divisive energy project, worth $11 billion, was finished in September, but has stood idle pending certification by Germany and the European Union.
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Will this hurt Russia?
Of course it will.
But it is also going to hurt Europe. Following Germany’s announcement, the price of natural gas in Europe shot up by about 10 percent…
But on Tuesday the European benchmark gas price, currently the Dutch March contract, was up 9.8% at 78.95 euros per megawatt hour (MWh) at 1607 GMT, much like the price for the fourth quarter, when Nord Stream 2 had been expected to start.
And this is likely just the beginning of another natural gas price shock in Europe. Dmitry Medvedev is warning that Europeans “are very soon going to pay €2.000 for 1.000 cubic meters of natural gas”…
German Chancellor Olaf Scholz has issued an order to halt the process of certifying the Nord Stream 2 gas pipeline. Well. Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!
If the price of natural gas actually gets that high, it will be completely and utterly devastating for Europe.
The Europeans never should have allowed themselves to become so dependent on natural gas from Russia, and now a tremendous amount of pain is ahead.
Meanwhile, the price of crude oil surged once again on Tuesday and has now almost reached 100 dollars a barrel…
U.S. crude surged more than 3% at one point to a high of $96. The contract ended the session 1.4% higher at $92.35 per barrel. Brent traded as high as $99.50, before settling at $96.84 per barrel for a gain of 1.52%.
It won’t be too long before the global price of oil goes well beyond the $100 per barrel threshold.
Needless to say, that won’t be good for the global economy at all.
On Tuesday, JPMorgan specifically warned about what an “energy price shock” could mean…
As oil rapidly approaches $100 a barrel, JPMorgan warned Tuesday that a spike in energy prices and other ripple effects from the Russia-Ukraine crisis could hurt both the stock market and the economic recovery.
“An energy price shock amidst an aggressive central bank pivot focused on inflation could further dampen investor sentiment and growth outlook,” JPMorgan strategists wrote in a note to clients.
But Joe Biden says that all of the bad things that are about to happen are necessary because we are “defending freedom”…
“Defending freedom will have costs, for us as well, and here at home,” he said during a speech at the White House. “We need to be honest about that.”
The president specifically warned of higher gas prices as a result of the sanctions but promised he would use “every tool” possible to reduce gas and energy prices.
“I want to limit the pain the American people are feeling at the gas pump,” he said.
Of course higher energy prices won’t cause much pain for Joe Biden and Kamala Harris because they are both multi-millionaires.
What Biden should have admitted is that you will be paying the price for his administration’s horrific foreign policy decisions.
On Tuesday, it was being reported that the price of gasoline in downtown Los Angeles has already risen above six dollars a gallon…
Fuel customers in California were in for a shock this week as gas prices at the pump hit upwards of $6 in downtown Los Angeles.
In a report by Bakersfield ABC affiliate KERO-TV, gas station customers expressed being overwhelmed by the extremely high gas prices.
“They’re too damn high,” one customer told reporters, adding it’s made commuting much more difficult as she normally fills her tank three times a week.
I remember a time when I could fill up my vehicle for less than a dollar a gallon.
And just a couple of years ago, the average price of a gallon of gasoline was less than three dollars a gallon.
Sadly, this is just the beginning.
Once a major global conflict erupts, we could eventually see the price of gasoline go beyond ten dollars a gallon.
I know that may sound crazy right now, but remember where you heard it first.
Of course higher energy prices filter through every level of our economy, and we are already in the midst of the worst inflation crisis that any of us have ever experienced. In fact, we just learned that home prices increased by a whopping 18.8 percent last year…
Home prices rose 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, the biggest increase in 34 years of data and substantially ahead of 2020’s 10.4% gain.
All regions saw price gains last year, but increases were strongest in the South and the Southeast, each of which were up over 25%.
The stage has been set for the sort of hyperinflation that I have been warning about for a very long time.
But even though Biden’s absolutely disastrous domestic and foreign policy decisions have brought us to this point, the mainstream media and millions upon millions of “sheeple” will continue to cheer Biden on.
Despite so much evidence to contrary, they will continue to believe that Biden and his minions can guide us through this mess somehow.
Unfortunately for all of us, Biden and his minions are completely and utterly incompetent, and the worst is yet to come.
***It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.***
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About the Author: My name is Michael Snyder and my brand new book entitled “7 Year Apocalypse” is now available on Amazon.com. In addition to my new book I have written five other books that are available on Amazon.com including “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, “Get Prepared Now”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending digital copies as gifts through Amazon to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible. I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, I strongly urge you to ask Jesus to be your Lord and Savior today.
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