SLL has posted articles from Russians who rightly have pointed out that the West is shooting itself in the foot with sanctions against Russia. This is one of the rare articles from an American who realizes the same thing. From Mike “Mish” Shedlock at mishtalk.com:
Hello EU and President Biden “There Is No Alternative” to Russian energy.
Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down
The Wall Street Journal reports Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down
For decades, European industry relied on Russia to supply low-cost oil and natural gas that kept the continent’s factories humming.
Now Europe’s industrial energy costs are soaring in the wake of Russia’s war on Ukraine, hobbling manufacturers’ ability to compete in the global marketplace. Factories are scrambling to find alternatives to Russian energy under threat that Moscow could abruptly turn off the gas spigot, bringing production to a halt.
Europe’s producers of chemicals, fertilizer, steel and other energy-intensive goods have come under pressure over the last eight months as tensions with Russia climbed ahead of the February invasion. Some producers are shutting down in the face of competition from factories in the U.S., the Middle East and other regions where energy costs are much lower than in Europe. Natural-gas prices are now nearly three times higher in Europe than in the U.S.