Europe's Road to Energy 'Hell' Was Paved With Green Energy - The White House Wants to Follow
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Some Europeans are so angry over sky-high energy bills they've been burning them. Others are starting to gather firewood for winter.
These are some of the wealthiest nations in the world, and yet citizens are wondering if they're going to be able to afford to heat their homes when the weather turns cold.
"We're at prices which are 10 to 15 times the 10-year average. People can't afford to pay that much for their energy bills," says energy expert Nathan Piper of Investec.
Europe's closure of hundreds of coal and natural gas power plants in favor of wind and solar, and its decision to rely on Russia for 40 percent of its natural gas, have backfired badly.
The Nord Stream 1 and 2 pipelines from Russia to Germany are both offline after being rocked by an explosion last week—what is suspected sabotage.
Germany was warned repeatedly by President Donald Trump that it was making a big mistake in turning to Russia for energy, including this speech at the United Nations on September 25, 2018:
"Germany will become totally dependent on Russian energy if it does not immediately change course," Trump said.
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Germany's UN delegation appeared to laugh at Trump's warning.
They're not laughing in Germany now.
Dr. Holger Thuss, president of the European Institute for Climate & Energy in Germany says, "It's crazy. Everybody's afraid of the upcoming winter. Nobody really knows what's going to happen. And nobody also knows where the energy is going to come from."
European businesses that can no longer afford their energy bills are shutting down.
The Euro currency and British Pound have dropped dramatically.
And despite the energy crisis, European nations are continuing to close and dismantle nuclear reactors.
Ten years ago, Germany had 17 nuclear reactors. It's decided to keep 2, and only as "backups."
"So then it's getting even worse," Thuss warns. "You'd think these people are insane that are in charge right now."
America should learn a lesson from Europe's energy crisis, but the Biden administration seems to be going down the same road.
The White House wants America on 100 percent green energy in just 13 years, and Democrats in Congress persist in pressuring banks to stop funding the oil and gas industry.
During a recent House Financial Services Committee hearing, Rep. Rashida Tlaib (D-MI) asked top bankers, "Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products? Mr. Dimon?"
Jamie Dimon, CEO of JPMorgan Chase answered, "Absolutely not and that would be the road to hell for America."
It has certainly been the road to economic hell in Europe, which is now bracing for social unrest this winter.
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