German economy minister reveals extent of gas crisis — Analysis

Robert Habeck, Economic Minister at the Economy Ministry says that Germany’s natural gas scarcity is worse than 1973’s oil shock.

Germany faces a challenge “more significant” crisis than during the world’s first oil shock in 1973, according to Economy Minister Robert Habeck.

The minister spoke out to Der Spiegel over a long interview on Friday, warning that if the worst happens, factories could close, employees may be laid off and heating bill payers might go into default.

Habeck warns that prices will rise for the German people “not over yet”And energy costs only “gradually”Consumer prices are being increased “More people will be affected,”He added: “we are already in a situation in which Germany has never been”Because of the “gas crisis.”

Germany warns entire industries could stop due to gas shortage

Germany could face serious shortages if Russian natural gas supplies are not increased to the level they currently stand, warned the minister. “definitely be a tough winter” “certain industrial sectors would have to shut down.”

“That would be catastrophic for some industries… we are not talking about two days or weeks but about a long time,”Some regions may lose. “entire industrial complexes,”He was very clear.

Habeck urged the public to conserve as much energy possible. He said that he barely heats his home and only takes brief showers. “I have never showered for five minutes in my life. I take a quick shower.”

Habeck will say “Yes” if the worst happens “companies will have to cease their production, their workers will be laid off, supply chains will be collapsing; people are going to go into debt to pay their heating bills; people will be getting poorer and frustration will engulf the nation.”

“We are walking into a hard time,”Minister added.

Germany could nationalize its section of Nord Stream 2 – Der Spiegel

Habeck claimed that Russia was also responsible for Germany’s troubles, and President Vladimir Putin wanted to be held accountable. “divide”Germany, driving up energy prices. Habeck says that Russia gradually reduces its gas supplies to maintain the high price. “stir up insecurity and fear”Germany

According to the minister, Moscow is also interested in creating new jobs “the best breeding ground for populism” and “undermine our liberal democracy from within.”

However, when asked about Germany’s oil and gas imports from Gulf monarchies with questionable human rights records, including Qatar, Habeck branded it “selective morality.”He said that you must. “differentiate”As “there is no such thing as black and white”Fossil fuels are the most controversial.

“I think what we are doing is better than remaining in Putin’s clutches,” he said, adding that while no one’s record is spotless, Putin has managed to totally ruin his reputation.

Russia hits back at accusations over gas supplies

Gas flows from Russia through Germany’s Nord Stream pipeline were reduced by up to 60% over the past week. Gazprom, Russia’s energy giant, said that this is due to technical problems arising out of Western sanctions against Moscow.

Gazprom reports that Siemens Energy, the German equipment supplier to Gazprom failed to promptly return gas pumping units from a compressor station. Because of the sanctions against Russia, Nord Stream’s turbines are stuck at a Canadian maintenance facility.

The Kremlin also reacted to the allegations made by Germany and other Western countries on Thursday. Russia is known for being a reliable and trustworthy energy supplier. “strictly fulfils all its obligations,”Dmitry Peskov, Kremlin spokesperson said

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