The old concept of autarky may be a little outdated for modern elites that fantisize over global supply chains but, heck, it would work a treat right now as Russia and the US play war games in the Ukraine, at least in terms of energy.
A little frackin and explorin perhaps don’t look so bad next to being somewhat at the mercy of your sworn enemy and telling your voting population that they’ll need to refinance to heat their homes this winter….
And don’t even get us started on how this plays out for the third world and the billions in terrible, subsistence level energy poverty in such regions.
Bullshit arguments, of which there are many, that invoke a fantasy-like separation of the energy woes and policies of the first world with the ability to develop and distribute (generally renewable-only) energy in the third world are simply demolished by the simple market mechanics on display in the current tensions.
The energy market is clearly global and treating it in any other way is naïve at best, but mostly just delusional. And always to the detriment of the energy poor.
The bad news? The UK’s gas sources could all becoming eye-wateringly expensive if markets in Europe soar. The UK’s market is closely connected to markets in Europe, so a price rise in Germany or the Netherlands would lead to higher prices in Britain.
“The energy market is definitely now a global market… it’s more or less the same price for all consumers being in Asia and Europe,” he told Sky News.
He added: “If we need more LNG [Liquefied Natural Gas] imports in Europe, it is going to drive up the global price – and that goes for the price in the UK as well.”
ARTICLE / SOURCE:
Russian invasion of Ukraine ‘could spark record-breaking gas and petrol prices in UK’ – Yahoo News