/biz/ - Business & Finance

Kanzler Scholz traveled to meet with Norway leaders to discuss increasing Gas deliveries. They declined, saying more isnt possible. Then begged with Sweden for more electricity. Got rejected like an incel by their female prime minister. There is no more capacity at the power lines.

They also begged in Qatar, but Qatar, knowing their weak position, demanded long running contracts at current high prices. Basically giving them the finger.

Now Germany has to buy from USA LNG Gas. Every ship of LNG Gas makes the US 150 Mio dollar net profit. Causes prices in europa are 7x. Its a huge arbitrage deal.

The price hikes for gas and electricity are reaching consumers and business. People getting new contracts with insane gas/electric bills. Many people with lower end income cant afford it by any stretch imaginable.

Businesses are running on the sense we can survive those extreme high prices for some period of time until prices get back to normal. but prices arent getting back to normal anytime soon.

Think what this means for society, for the economy. When millions of people cant make their energy bills with the best intentions.
What it means when millions have zero discretionary income, after paying their bills.

I can say we are truly doomed by personal experience. Bills gas/electric went up threefold. whole income will be gone paying the bills. Dire times are ahead.