The hyperinflation in European gas and electricity prices is getting more surreal by the day.
Two days after we said that European natural gas and power prices hit escape velocity after Russia unexpectedly cut supplies, prices jumped to records, signaling the supply shortage will only get worse just as the cold winter season starts on Friday.
“And I heard a voice in the midst of the four living creatures saying, “A [uart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6
As we have discussed in recent weeks, European stockpiles of everything from gas to coal and water for electricity production are in short supply and there are few signs the situation will improve anytime soon as demand continues to roar back from a pandemic-driven lull, Bloomberg writes today. Read More