We have plenty of oil and gas (normal and fracking). We have just convinced ourselves its better to leave it in the ground and pay foreign countries instead. ¯\_(ツ)_/¯
The energy crisis in Europe is a self-inflicted wound.
Europe is deindustrializing. Especially Germany, the EU economic engine, has been hit hard. So yes, the word crisis is used correctly here.
> For instance, BASF, a global chemical giant, recently announced plans to downsize its operations in the country with the reason being unbearably high energy prices in Germany. Now, the company is shifting its focus toward expanding its production efforts in China and the U.S. to access more stable energy costs. Germany’s prime power- the Automotive industry, is also struggling due to immense pressure caused by rising energy costs. A recent study revealed that energy costs for Germany’s automotive sector increased by 20% in 2022 and a similar trend followed in 2023. https://ceinterim.com/deindustrialization-in-germany/
Ok, I'll bite, name 3 collapsing industries - on the verge of extinction due to rising energy prices - that could be fixed by building highly-polluting power generators ASAP?
Steel.
Anything chemical. We already lost half our production. :o
You should read some financial newspapers. Things are really bad.
Wow…
> The European Union’s chemical sector is facing a series of headwinds that the European Chemical Industry Council, Cefic, says are pushing the industry to ‘breaking point.’
A joint study by Cefic and Advancy: The Competitiveness of the European Chemical Industry, paints a bleak picture, with the report saying that between 2023 and 2024 announcements were made indicating that 11 million tonnes of production capacity would be closed across 21 major European production sites