{"id":3629,"date":"2021-10-09T03:27:16","date_gmt":"2021-10-09T07:27:16","guid":{"rendered":"https:\/\/blogs.shu.edu\/stillmanexchange\/?p=3629"},"modified":"2021-10-09T03:27:16","modified_gmt":"2021-10-09T07:27:16","slug":"winter-is-coming-with-crisis","status":"publish","type":"post","link":"https:\/\/blogs.shu.edu\/stillmanexchange\/2021\/10\/09\/winter-is-coming-with-crisis\/","title":{"rendered":"Winter Is Coming With Crisis"},"content":{"rendered":"<p><strong>Griffin McGowan<\/strong><br \/>\n<em><strong>Finance Writer<\/strong><\/em><\/p>\n<p>Europe is preparing for a bleak winter as an energy crisis has sent prices for electricity and gas soaring. Germany, France, and the Netherlands have started to feel the effects of a waning energy supply, but the United Kingdom is projected to be the hardest hit.<\/p>\n<figure id=\"attachment_3630\" aria-describedby=\"caption-attachment-3630\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-3630\" src=\"https:\/\/blogs.shu.edu\/stillmanexchange\/files\/2021\/10\/120706875_img_6654-300x169.jpg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/blogs.shu.edu\/stillmanexchange\/files\/2021\/10\/120706875_img_6654-300x169.jpg 300w, https:\/\/blogs.shu.edu\/stillmanexchange\/files\/2021\/10\/120706875_img_6654-768x432.jpg 768w, https:\/\/blogs.shu.edu\/stillmanexchange\/files\/2021\/10\/120706875_img_6654-388x220.jpg 388w, https:\/\/blogs.shu.edu\/stillmanexchange\/files\/2021\/10\/120706875_img_6654.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-3630\" class=\"wp-caption-text\"><b>Gas stations in the UK are already low on inventory<i> (Photo courtesy of the BBC)<\/i><\/b><\/figcaption><\/figure>\n<p>Oil traders and financial institutions predict crude prices will reach higher levels during the remainder of 2021. For example, Vitol Group predicts oil will rise above $80 a barrel. Goldman Sachs went a step further, indicating crude could reach $90 by the winter season.<\/p>\n<p>Brent, one of the two global benchmarks, recently it a 3-year high as global inventories shrank. Even with OPEC recently announcing production increases, it&#8217;s not enough to keep prices down.<\/p>\n<p>To eradicate net carbon emissions by 2050, the U.K increased its reliance on wind-powered energy. Wind farms along the stormy North Sea accounted for 25% of Great Britain\u2019s power last year, however, those numbers have recently dropped closer to 4%.<\/p>\n<p>Paired with low fuel reserves from the pandemic and a rapidly declining coal industry, it\u2019s understandable how European natural gas prices rose nearly 700% from this time last year. Analysts are fearful that a harsh winter would cause an unsustainable increase in demand resulting in widespread blackouts. US natural gas futures spiked 17% this month.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Contact Griffin at mcgowagr@shu.edu<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europe is preparing for a bleak winter as an energy crisis has sent prices for electricity and gas soaring. Germany, France, and the Netherlands have started to feel the effects of a waning energy supply, but the United Kingdom is projected to be the hardest hit.<\/p>\n","protected":false},"author":4872,"featured_media":3645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5,2],"tags":[546,943,456,724,54,50,676],"class_list":["post-3629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-trending","tag-546","tag-brent","tag-energy","tag-markets","tag-october","tag-oil","tag-opec"],"_links":{"self":[{"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/posts\/3629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/users\/4872"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/comments?post=3629"}],"version-history":[{"count":4,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/posts\/3629\/revisions"}],"predecessor-version":[{"id":3644,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/posts\/3629\/revisions\/3644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/media\/3645"}],"wp:attachment":[{"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/media?parent=3629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/categories?post=3629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.shu.edu\/stillmanexchange\/wp-json\/wp\/v2\/tags?post=3629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}