September 12

9/12 – Drought and war are taking a toll on the world's energy resources. In the U.S., heat waves, plus a drop in hydroelectric generation due to drought, are threatening power supplies. Last week, large parts of California narrowly avoided blackouts only because text alerts to thousands of customers encouraged a voluntary drop in usage that prevented the power grid from being overwhelmed. In Europe, the Russians have cut off natural gas deliveries through the Nord Stream pipeline “until sanctions are lifted.” The Europeans are now very vulnerable and dependent on a mild winter to get them through on a slim combination of already stored gas supplies and liquified natural gas imports. European governments are teeing-up a huge round of subsidies, similar to what happened when the pandemic struck. The U.S. will not be immune to a Euro-recession, and further supply chain issues are likely.