4 ms·
This has nothing to do with Ukraine, that's just the cherry on top. At the end of last year - when prices were already at record levels - I remember reading an
by fy20 4y ago
This has nothing to do with Ukraine, that's just the cherry on top. At the end of last year - when prices were already at record levels - I remember reading an article about gas storage levels in Europe being unusually low.
It estimated that given the rate at which gas was being imported, a cold winter could easily use up all gas in storage. Fortunately last winter was rather mild.
- vladTheInhaler 4y agoIt has everything to do with Ukraine. The low gas storage levels were engineered to create additional leverage over European countries during the upcoming invasion. "The International Energy Agency (IEA) estimated that 50 percent of the deficit in European storages was due to the depletion of Gazprom-owned storages, despite the fact that Gazprom only owned 10 percent of European storages. This rapid draining of storages left European gas storage dangerously low at the height of winter, increased market panic, and further inflated gas prices." https://www.atlanticcouncil.org/blogs/energysource/gazprom-set-the-russian-invasion-of-ukraine-in-motion/ https://www.atlanticcouncil.org/blogs/energysource/gazprom-s...