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Germany's energy crisis: Kicking friends? Habeck reprimands "moon prices"

2022-10-06T04:14:24.600Z


Germany's energy crisis: Kicking friends? Habeck reprimands "moon prices" Created: 06/10/2022, 06:11 By: Christian Deutschländer, Klaus Rimpel Unusually clear criticism of the USA from the Federal Republic of Germany: Vice Chancellor Robert Habeck laments a lack of solidarity in times of the energy crisis. Berlin/Munich – It's a kick among friends: Vice Chancellor Robert Habeck is addressing t


Germany's energy crisis: Kicking friends?

Habeck reprimands "moon prices"

Created: 06/10/2022, 06:11

By: Christian Deutschländer, Klaus Rimpel

Unusually clear criticism of the USA from the Federal Republic of Germany: Vice Chancellor Robert Habeck laments a lack of solidarity in times of the energy crisis.

Berlin/Munich – It's a kick among friends: Vice Chancellor Robert Habeck is addressing the remaining gas suppliers in the world with unusually sharp criticism.

"Some countries, including friendly ones, sometimes achieve moon prices," says the Green politician.

He mentions the United States by name.

Background: Russian gas supplies have collapsed to almost zero because of the Ukraine war, so importers have to buy expensive alternatives elsewhere to keep their contracts.

In Europe, Germans are currently getting gas from Norway, the Netherlands and Belgium, among others.

LPG arrives by ship from the US and Qatar.

Although wholesale gas prices are currently falling again, they have meanwhile exploded to a multiple of their previous level - over 300 euros per megawatt hour, the long-term average is between 10 and 20. In the case of liquid gas, there are also transport costs by ship.

Germany in the energy crisis - American fracking companies benefit enormously

Beneficiaries of the gas price explosion are, among others, fracking companies in the USA and Canada, which previously had to struggle with problems because of the many years of stable low natural gas prices.

However, the situation has changed since the escalation in Ukraine.

The leading fracking companies are the US company EOG Resources and, in the field of fracking sand, Hi-Crush-Partners.

But the US oil companies Exxon and Chevron are also making good money from the new fracking boom.

EOG Resources stock is up nearly 70 percent year over year, while ExxonMobil stock is up 78.4 percent.

Vice Chancellor Robert Habeck (back: Olaf Scholz) addressed unusually harsh words to the beneficiaries of the Ukraine war.

© Metodi Popov/Imago

Habeck does not name a company, remains vague at the level of the countries.

In an interview with the

Neue Osnabrücker Zeitung

, he says that the prices charged are "excessive".

“The US approached us when oil prices skyrocketed, and Europe's national oil reserves were tapped as a result.

I think such solidarity would also be good for keeping gas prices down.”

Fracking gas from the USA instead of cheap energy from Russia: Habeck appeals to Europe

His plan: Europe should get together, moderated from Brussels.

He is counting on "the EU Commission also talking about this with the friendly states," said the Federal Minister.

The EU should "bundle its market power and orchestrate smart purchasing behavior on the part of the EU states so that individual EU countries do not outbid each other and drive up world market prices".

The European market power is "enormous", it just has to be used.

US corporations benefit from the energy crisis: oil and gas plants in Texas.

© Brandon Bell/Getty Images/AFP

Energy crisis due to Ukraine war: Federal government complains of “bizarre exaggerations”

Robert Habeck is not the first with this message, only the one with the clearest words.

At the weekend, Finance Minister Christian Lindner (FDP) also complained about "bizarre exaggerations in the gas price" and "absurd price peaks".

For the state, it will soon be a matter of billions if the government's promise to at least partially cap the price of gas for end consumers takes effect - a plan that is controversial in Europe.

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An acute gas emergency is no longer apparent in Germany.

The stores are filled even faster than expected.

Habeck expects the targeted gas storage level to be 95 percent by the end of October.

The latest figure is 92.08 percent.

However, this does not include the Haidach (Austria) gas storage facility, which is important for Bavaria.

In the NOZ

interview,

Habeck called on the Germans to continue to be frugal.

Consumption must be reduced by at least 20 percent compared to the previous year.

It is far too early to give the all-clear.”

Source: merkur

All news articles on 2022-10-06

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