"I am the Way, the Truth, and the Life"

Father God, thank you for the love of the truth you have given me. Please bless me with the wisdom, knowledge and discernment needed to always present the truth in an attitude of grace and love. Use this blog and Northwoods Ministries for your glory. Help us all to read and to study Your Word without preconceived notions, but rather, let scripture interpret scripture in the presence of the Holy Spirit. All praise to our Lord and Saviour Jesus Christ.

Please note: All my writings and comments appear in bold italics in this colour
Showing posts with label gas prices. Show all posts
Showing posts with label gas prices. Show all posts

Tuesday, December 21, 2021

European Politics > Stunning Tory Defeat in UK; UK's Brexit Minister Resigns; EU Not Included in EU Security Talks; Gas Prices Surge in Europe; Bojo's Popularity Tanks

..

Tories suffer stunning election defeat

17 Dec, 2021 06:48

Liberal Democrat Helen Morgan wins the North Shropshire parliamentary seat, in Shrewsbury, UK,
December 17, 2021. © Reuters/Ed Sykes


UK Prime Minister Boris Johnson’s Conservative Party lost a by-election on Thursday in an area it firmly held for almost 200 years. The Tory government has been marred by a lobbying scandal and an internal revolt.

Liberal Democrat Helen Morgan won 17,957 votes in North Shropshire, central England, beating her Tory opponent, Neil Shastri-Hurst, by nearly 6,000 votes.

The result is a stunning upset for the Conservatives, who had represented North Shropshire in Parliament for the past 189 years, with the exception of the short period between 1904 and 1906, according to UK media. The party comfortably won the constituency in 2019, leading with a nearly 23,000-vote majority.

“Tonight, the people of North Shropshire have spoken on behalf of the British people,” Morgan said after the vote. “They have said loudly and clearly: Boris Johnson, the party is over.”

“Our country is crying out for leadership. Mr Johnson, you are no leader,” Morgan added.

The by-election was held after veteran MP Owen Paterson gave up his seat due to a lobbying scandal.

The defeat in North Shropshire, previously considered to be a safe Tory bastion, could be a sign of future electoral losses for Johnson’s party. The PM currently faces a revolt in Parliament, where nearly 100 Tories broke ranks this week and voted against the government’s proposal to introduce Covid passes for certain venues and events in England.

Shropshire, UK



Brexit minister resigns over ‘disillusionment’ with BoJo’s govt

18 Dec, 2021 20:47

FILE PHOTO: Lord David Frost walks outside Downing Street in London, Britain, September 15, 2021
© Reuters / Hannah McKay


Cabinet Minister Lord Frost has reportedly walked out of Prime Minister Boris Johnson’s government. Frost is believed to have grown disillusioned with Johnson’s Covid measures, tax hikes, and environmental policies.

Frost’s departure was reported by the Mail on Sunday, citing sources within the government. The minister, who negotiated Britain’s departure from the European Union, reportedly handed in his resignation a week ago, but was persuaded to stay on until January.

Frost’s resignation was prompted by his growing “disillusionment” with Johnson’s government, the Mail reported. Specifically, he disagreed with the introduction of ‘Plan B’ coronavirus restrictions, income tax hikes announced in September, and the high cost of Johnson’s plan to lower carbon emissions to net zero by 2050.

Of these gripes, the ‘Plan B’ restrictions have been the most contentious for Johnson. Introduced earlier this month, the suite of measures includes a mask mandate for indoor venues, vaccine passes for nightclubs and large events, and daily testing for the close contacts of infected people. 

The restrictions, which reports suggest that Johnson will soon be asked by ministers to expand into a full lockdown, have caused discontent even within Johnson’s own party, with 100 Conservative MPs refusing to vote on bringing in the vaccine pass system. Forty of these MPs voted against mandatory masking too.

The introduction of these measures was followed by a devastating loss for the Conservative Party at the ballot box. While the Tories had held the constituency of North Shropshire for nearly 200 years, Liberal Democrat Helen Morgan beat the Conservative's Neil Shastri-Hurst by nearly 6,000 votes in a by-election there on Thursday. 

Public anger against Johnson stems not just from the introduction of new restrictions, but also from the revelation that staff at Downing Street and a number of other locations held Christmas parties last year, while ordinary Britons were forbidden from gathering. The cabinet minister assigned to investigate these events, Simon Case, resigned on Friday after it emerged that he too held a party in his office.

Frost has not publicly commented on his apparent resignation yet. As of late, Frost had been locked into negotiations with European Commission Vice President Maros Sefcovic on post-Brexit arrangements between the UK and EU.




EU demands inclusion in Russia & US/NATO security talks

20 Dec, 2021 10:21 

© Getty Images / inakiantonana


The EU should play a major role in discussions between Russia and NATO on the future of security in Europe, the bloc’s foreign policy chief insisted on Monday, suggesting Moscow and Washington also invite his organization.

Josep Borrell, who has served as the EU’s High Representative for Foreign Affairs and Security Policy since 2019, was reacting to a set of proposals published by the Russian Foreign Ministry on Friday, which asked the US and NATO for a set of security guarantees. Instead of dismissing the documents immediately, as some have suggested, Borrell is seeking to ensure the bloc is part of negotiations.

According to the ex-Spanish cabinet minister, “the EU must, of course, be at the table of any discussion on the European security architecture.”

It's insanely absurd that they are not. But then, Deep State would have a little less control.

“Russia’s Foreign Ministry this Friday released a draft proposal on security guarantees between Russia and the US as well as to European members of NATO. It is clear that the EU must be an integral part of such discussions,” his blog said.

Borrell noted that the Helsinki Final Act and the Paris Charter, as well as the OSCE, are “key principles” on which European security has been built for the last 50 years.

He also commented on the tensions between Russia and Ukraine and suggested that Moscow seeks to “threaten and weaken” Kiev, suggesting that the EU “hope for the best and prepare for the worst.”

“We cannot exclude Russia’s desire to use this crisis as leverage for its declared purpose to reshape the security framework in Europe, also excluding the Europeans [sic] from the discussions,” he said. “But we know that our American allies will not fall into this trap.”

On the other hand, it may be our American allies who are setting the trap.

On Friday, the Russian Foreign Ministry released a draft version of two proposed treaties, one with the US and one with NATO. The documents are made up of a list of security guarantees, including a proposal that NATO won’t expand eastwards into states that were formerly a part of the USSR. If signed, it would also see troop movements near the Russian border be limited and would stop missiles from being placed near the frontier.

======================================================================================



Russia shows German diplomats the door

20 Dec, 2021 15:00 

Russia has declared two German diplomats persona non grata. Monday’s move is intended as a response to a similar decision taken by Germany last week, the Foreign Ministry in Moscow explained.

It comes just days after Berlin showed two Russian envoys the door after a German court sentenced a Russian national to life in prison over the murder of a Chechen separatist, Zelimkhan Khangoshvili, in 2019. Khangoshvili had been wanted in Russia on multiple charges. Three years prior, he had moved to Germany and applied for asylum there.

Germany’s foreign minister reacted to the expulsion with a statement describing the step as “not surprising, and yet completely unfounded from the perspective of the German government.” However, Berlin insisted its own decision to boot out two Russian representatives was an “appropriate reaction” to a “major violation of Germany’s sovereignty.” The statement concluded by saying that Moscow’s decision would further “strain relations.”

After Khangoshvili was fatally shot in Berlin’s Tiergarten park, German authorities were quick to point the finger at Moscow. Russia has denied any involvement in the murder. Russian Ambassador Sergey Nechaev denounced the German court’s verdict as “politically motivated” and “biased.”

A statement published on the Russian Foreign Ministry’s website on Monday dismissed the court’s claims of Moscow’s involvement in the crime as “baseless and divorced from reality.”

=======================================================================================



European gas prices surge

20 Dec, 2021 12:00



Gas prices in Europe spiked more than 7% on Monday, with the price of January futures on the TTF hub in the Netherlands hitting $1,732 per 1,000 cubic meters, or €148.87 per megawatt hour in household terms.

In early October gas prices in Europe reached a record $2,000 per 1,000 cubic meters, which constituted an almost 400% rise since the start of the year.

Energy prices in Europe continue to spike as Germany keeps postponing the launch of the Nord Stream 2 pipeline that was laid to deliver additional supplies of Russian natural gas to the continent.

The delay in approving the pipeline is not political, new German Chancellor Olaf Scholz said last week. Its construction faced strong opposition from the US, Poland, and Ukraine.

Funny, it sure sounds political! And what does the USA have to do with it at all? 

The amount of gas in Germany’s emergency reserves has been decreasing, dropping to a “historically low level” of below 60% last week for the first time in years, according to the German association of underground gas storage operators INES.




BoJo’s popularity sinks to record low

20 Dec, 2021 17:13

UK Prime Minister Boris Johnson in London, England. © Reuters / Peter Nicholls


UK Prime Minister Boris Johnson’s woes grew on Monday, as new figures show his approval rating has declined to its lowest level since he took office, with most Britons expecting him to resign or be forced out in the near future.

An opinion poll released by Ipsos Mori found that six out of 10 respondents believe Johnson would not be prime minister by the end of 2022. The poll comes in the wake of a wave of allegations that a number of Conservative Party ministers and their staff – including Johnson and his office – had breached lockdown restrictions last year.

Meanwhile, a separate YouGov tracker poll has shown that the prime minister’s approval rating has fallen to its lowest level, 29%, since he entered Downing Street in 2019. Some 64% of respondents said they felt he was doing “badly” as PM.

The latest figures mark a steep decline in support for the Conservative leader, who, in April 2020, secured a record-high approval rating of 66% as he worked to combat the Covid pandemic.

The findings also come a day after The Guardian published a photo purportedly showing Johnson, his wife, and 17 Downing Street staff members violating the government’s own rules during the first lockdown in May 2020. Downing Street has defended the image, claiming it shows a “work meeting.” despite bottles of wine and a cheese board being visible.

Maybe that's the problem, the work meetings are all drunken parties!

This is the latest alleged infringement of the rules to rock the government, with an investigation already underway into reports a number of parties were held in violation of Covid restrictions during November and December 2020.

Cabinet Secretary Simon Case, who was leading the probe into the alleged parties, was forced to step aside last week after it was claimed he was aware of or attended two gatherings at his own office in December last year. Senior civil servant Sue Gray has taken over the investigation.



Monday, November 15, 2021

Climate Change > Delhi's Diwali Air Getting Worse; US Gas Prices 'Biden's Work'? California's Record High Gas Prices

..

Toxic smog in New Delhi way worse than previously thought

13 Nov, 2021 09:10

Air pollution in New Delhi, India, November 5, 2021. © Reuters/Anushree Fadnavis


The Indian Supreme Court has demanded urgent measures to tackle the thick toxic smog that has been covering New Delhi for over a week. It even suggested imposing a brief lockdown. 

“Do you know how bad the situation is? People have to wear masks even at home,” Chief Justice N.V. Ramana said, grilling government officials.  

The court said central and state officials must make “an emergency decision” and present plans to fight the smog on Monday. Ramana suggested that authorities should consider “a two-day lockdown,” among other measures.

You have to look at this issue beyond politics and government. Something must happen so that in two to three days we feel better.

One official acknowledged in court that breathing the air in the capital was “like smoking 20 cigarettes a day.”

The country’s federal pollution board ordered state and local authorities on Friday to be prepared for emergency measures. 

Air quality in New Delhi worsened last week due to several factors, including crop stubble burning and emissions from transport. Indian media noted that the decline also took place after the Diwali festival, when many people violated a ban on fireworks. 




Trudeau is doing his bast to raise oil prices to critical levels so as to reduce vehicle emissions.  In Canada, where there are hundreds of kilometers between cities, and goods often have to be shipped thousands of kms, our asinine government thinks it's a good thing to make gas more expensive. Of course, it makes everything that moves more expensive which increases poverty. The increase in gas prices in Canada may reduce our greenhouse gas emissions from 2% to 1.95% of global emissions, in a few years if the economy goes full-stop!


GOP senator claims Biden ‘intended’ record gas prices hike

15 Nov, 2021 14:08

FILE PHOTO. ©REUTERS/Andrew Kelly


Joe Biden’s administration wants Americans to switch from pickup trucks to electric compacts and is letting gas prices run rampant to coerce fans of gallon-guzzlers, Senator Tom Cotton has claimed.

Speaking to conservative outlet Breitbart News, the Republican senator alleged that rising gasoline prices in the US are “the intended effect of Joe Biden’s energy policy,” rather than “some accident.”

“They want gas to cost $4 a gallon because they want all of us to get out of pickup trucks and SUVs and get into small electric compacts or bicycles or scooters or whatever else Pete Buttigieg takes to work,” Cotton claimed, without offering evidence.

President Joe Biden admitted last week that fuel prices in particular and inflation in general were a cause for serious concern, and said his administration had a plan to bring the prices down. Inflation has surged in the US, partially due to the pressure caused by global supply chain disruptions.

But, as in Canada, it is partly due to the increase in gasoline prices.

Previously, US Energy Secretary Jennifer Granholm exposed herself to much criticism over her seemingly callous attitude to the perils of Americans struggling to fill their tanks. When asked during an interview about a plan to tackle prices at the pump, she burst into laughter, calling the idea that she had power over the situation “hilarious” and blaming the OPEC oil cartel for the rising fuel prices.

Some have called for the White House to take drastic measures to control the situation, like reinstating a ban on the export of crude or at least unsealing the Strategic Petroleum Reserve. It remains unclear if Biden would be willing to tap into the emergency fuel reserve – as suggested by Senate Majority Leader Chuck Schumer.

Biden’s Republican critics predict inflation will only worsen as the White House begins implementing its ambitious infrastructure spending agenda, with a $1 trillion Bipartisan Infrastructure Framework expected to be signed into law on Monday.

Thirteen House Republicans who broke party ranks to help pass the bill have been ostracized by many other GOP legislators. The bill was passed in the Senate in an uncommonly bipartisan 69-30 vote in August.

“You cannot print trillions of dollars in money on the one hand and also pay people not to work and not to produce the stuff that we need to buy, and on the other hand not expect the price to increase as fast as it has in 30 years,” Cotton told Breitbart.

The Biden administration says the infrastructure spending and the yet-to-be-finalized $1.75 trillion social and climate spending bill will help alleviate inflation, rather than boost it.

Not when you print that money out of thin air!

==========================================================================================



California gas prices hit another record

15 Nov, 2021 18:18

Gas prices are seen in Beverly Hills, California ©  REUTERS/Lucy Nicholson


California gas prices have hit a new record high, averaging $4.68 a gallon, as Americans continue to suffer the effects of inflation coupled with ongoing supply chain issues.

Monday marked the second day in a row that America’s most populated state broke its own record on gas prices, according to data from the American Automobile Association (AAA). On Sunday, gas prices were averaging $4.67, besting a previous record set in October 2002.

The national average for gas per gallon stands at $3.41 as of Monday – a figure that continues to rise as Americans face the effects of inflation and supply chain issues in numerous industries. 

President Joe Biden has chalked up inflation issues to a rise in demand, as well as Covid-19 pandemic disruptions. In a Sunday tweet, he claimed prices are too high for Americans, but also added without elaborating that the country is also in the middle of a “historic economic recovery.” Biden claimed that his massive spending package, Build Back Better, will help address inflation issues. 

Critics have pointed to the administration’s economic shutdowns and moves to limit drilling as factors driving the staggering prices Americans are paying at the pump, like a recent plan to reportedly block drilling in New Mexico near the Chaco Canyon National Historical Park.

AAA has also noted that heavy rainstorms in Northern California have slowed the production capacity of refineries and helped in the recent spikes in prices at the pump. However, spokesperson for AAA Doug Shupe told CNN that the dramatic price hikes are far steeper than people have seen in recent memory.

“The person who has the typical midsize sedan with a 14 gallon size fuel tank, they're paying $21 more to fill up that tank today than last year,” Shupe said, noting that Americans are paying about $1.50 more per gallon, compared to last year before Biden took office. 

At a recent press conference, White House Press Secretary Jen Psaki claimed higher gas prices are due to “fluctuations” in the industry, as well as companies’ inability to meet consumer demand. This, she added, is all the more reason to “double down” on investments in “clean energy options.”

=========================================================================================



Saturday, October 2, 2021

European Politics > Serbia - Kosovo Ink Deal; Europe's Record Gas Prices; Emigration Doubles in Lebanon; Eurozone Inflation Highest Since 2008

..

Serbia inks deal with breakaway Kosovo region to end spat

that featured jet flyovers and tanks at border

30 Sep, 2021 13:54

Kosovo special police with armoured vehicles are pictured as hundreds of Kosovo Serbs protest against a government ban on entry of vehicles with Serbian registration plates in Jarinje, Kosovo, September 20, 2021. © Reuters / Laura Hasani


Chief negotiators for Serbia and Kosovo have formally reached agreement to conclude the latest round of escalation. “We have a deal,” tweeted EU special representative Miroslav Lajcak after two days of “intense negotiations.”

The recent disagreement had seen Kosovo order its police to force any cars attempting to cross the border to remove Serbian license plates, arguing that a 10-year-old deal between the nations had expired. Serbia had responded by sending military planes to fly near the border, while footage from the area showed tanks and military vehicles deployed to the area.

EU chief Ursula von der Leyen had previously urged the two sides to work to “de-escalate” and “return to the negotiation table to find a sustainable solution.” The European bloc has been trying to facilitate talks between Serbia and its breakaway region for the past decade, as Kosovo unilaterally proclaimed independence in 2008.

The deal comes after the High Representative for Bosnia and Herzegovina, Christian Schmidt, called on the European Union to “convey a clear message that Europe has an interest in a European Balkans” after the bloc warned it can’t guarantee “six countries” (as most of the EU recognize Kosovo’s independence) future membership, as had once been promised.

Speaking ahead of a summit next week, Schmidt urged the EU to work to bolster “closer cooperation” between the bloc and Balkan nations, working on improving economic and infrastructure ties. The countries had all previously been promised they would be ultimately admitted to the EU bloc, with officials promising 18 years ago to give their “unequivocal support for the European perspective of the Western Balkans.”

The High Representative for Bosnia and Herzegovina is a role that was established in the wake of the Dayton Agreement, signed at the end of the Bosnian War, to oversee the peace process in the region. Schmidt ascended to the role after his predecessor resigned despite some international opposition to his appointment, with Russia arguing he should have been approved by the UN Security Council.




Gas price keeps climbing in Europe as Brussels delays

Russian supplies via Nord Stream 2

30 Sep, 2021 08:20

© AP / Joerg Sarbach


The price of natural gas in Europe exceeded an all-time high of $1,100 per 1,000 cubic meters on Thursday, trading data from the Intercontinental Exchange (ICE) shows.

The cost of November futures on the TTF hub in the Netherlands reached $1101 per 1,000 cubic meters in morning trading. This is nearly $106 per megawatt-hour in household terms. The overall rise in gas prices was about 5% by 8am GMT.

European gas prices exceeded $1,000 per 1,000 cubic meters for the first time in history on Monday. Analysts attribute rising costs to inadequate supplies held in Europe’s gas storage facilities to meet the post-pandemic increase in demand. The current energy crunch has already resulted in higher costs for consumers, while still far from the peak winter season, and forced some industries to curb production, threatening to stall the continent’s economic recovery. 

Russian experts recently warned that gas prices could surge further due to a number of factors, including demand in Asia, the weather in Europe with winter on the way, as well as the timing of the launch of Russia’s Nord Stream 2 pipeline.

Some view Nord Stream 2 as a means to stabilize the situation on the European energy market, with the pipeline capable of delivering the extra gas the continent needs. However, the project is still awaiting EU certification, which could take months due to bureaucratic setbacks and pressure from Washington and some Eastern European countries, which are opposed to increasing energy imports from Russia.

So, it appears some would rather freeze in the dark than buy gas from Russia.

=========================================================================================



Emigration on the rise in crisis-ridden Lebanon

By Dalal Saoud

Activists and families of the victims of the port blast in Beirut, Lebanon, protest in front of the Justice Palace on Wednesday. The aftermath of the explosion is one of many crises driving a mass exodus from the country. Photo Nabil Mounzer/EPA-EFE


BEIRUT, Lebanon, Oct. 1 (UPI) -- Mounting economic hardships are pushing a growing number of Lebanon's population to seek a better life abroad in another mass exodus.

"We are planning to leave... We are working on an exit plan," Mira Mabsout, a landscape architect who is married with one daughter, told UPI.

It's a common refrain.

Mabsout and her husband are "lucky and blessed." They have good jobs and are well paid, mostly in U.S. "fresh dollars," worth 17,000 Lebanese pounds at the market trade, compared to 1,500 LL at the official exchange rate and 3,900 LL at the banks.

"But financial reasons are not everything... We don't feel safe," Mabsout said. She mostly fears for her 3-year-old daughter and the inability to secure proper medical care with the collapse of the health system.

Besides the dramatic economic and financial deterioration, the massive explosion at the Beirut port in August 2020 was a turning point. The blast killed more than 200, wounded 6,000 and damaged the homes of more than 300,000.

"We are looking anywhere outside [Lebanon]. We tried to go to Athens ... but it didn't work," Mabsout said. "We are not leaving just to leave ... without securing jobs outside."

However, she is longing to "live a normal life," and not to worry every day about electricity and gasoline. Lebanon has been facing crippling fuel and electricity shortages that increased power blackouts and led to hours-long queues at the gas stations.

"My daughter knows that there is a fuel crisis and that gasoline is a big problem to us... and this is something that kills me. Even if I want to hide it, she is living that," Mabsout said. "Also, I want to grow my family and have other children, but I cannot because I cannot find diapers, baby milk or basic needs."

"I don't feel like to be resilient, and I don't want to adapt.. I simply want normal things," she added.

Passport applications increase


Last month, Maj. Gen. Abbas Ibrahim, head of Lebanon's General Security Directorate, disclosed that his agency, which usually handles 3,000 passport applications per day, has been receiving 7,000 and 8,000 every day.

"But this does not mean that all [applicants] are actually leaving the country," said Dal Hitti, president of Moubadarat Wa Kararat (Initiatives and Decisions) Association, who has a doctorate in human resources.

Although no official statistics are available, Hitti estimated the number of those who left the country since the economic crisis broke out in 2019 to range between 400,000 and 500,000, including students, doctors and other highly skilled workers. They are now being followed by families heading mainly to Canada.

The 1975-90 civil war witnessed the largest exodus, with the emigration of nearly 980,000 people. Between 1990 and 2019, some 750,000 people have left, Hitti said.

"We have been living in a bubble since the 1990s, and we lost the feeling of belonging, contrary to the time of the civil war, when people remained steadfast and stayed in the country more than now, despite the difficult situation then," he said.

Dubai, an attractive but expensive spot, is hosting 70,000-75,000 Lebanese who left. But 50,000 of them haven't found jobs, and "some are accepting meager salaries barely reaching $1,000 a month just to help their parents or hoping to get a better job, while the minimum wage there is $4,000."

"This is no more about desperation. This is suicide," Hitti said.

The Crisis Observatory at the American University of Beirut recently warned that Lebanon is entering a third wave of mass emigration, citing three alarming indicators: the high percentage of Lebanese youth who want to leave (77% based on a survey last year, the highest percentage among Arab countries), the mass migration of medical and education staff and the expected chronicity of the current crisis.

"The last wave of emigration was not a reaction to a conflict, a war. It was genuinely because of the conditions that deteriorated so much," said Dr. Jasmin Diab, assistant professor of Migration Studies at the Lebanese American University.

'Intersection crisis'


Lebanon, Diab explained, always had "intersection crisis," and the current one was not just about the COVID-19 pandemic, constraints about the politics and economy but also the Beirut port blast, and people having lost their homes and not having access to their money frozen at the banks.

Moreover, the recent fuel crisis has "so much humiliated" the population to the point that "getting bread or gasoline becomes an achievement."

"There are so many intersections why people want to migrate in this period," Diab told UPI, adding that COVID-19 exasperated the situation further. Then came the port explosion, which "was definitely a major push factor ...that put the Lebanese on a high level of emergency."

Many countries, like Canada and across Europe, became more lenient in their emigration policies, facilitating migration of the Lebanese for a short time as a reaction to the explosion, Diab said.

"Our country is not in a state of conflict or violence. So, the Lebanese could not seek asylum like the Syrians, although interestingly, things are very similar on both ends," she said. "Lebanese want to leave, but the international community does not consider Lebanon in a state of emergency."




Eurozone inflation highest in 13 years, surging to 3.4% in September

By Zarrin Ahmed

Euro sign at European Central Bank headquarters in Frankfurt, Germany.
File Photo by canadastock/UPI


Oct. 1 (UPI) -- Eurozone inflation surged to 3.4% in the month of September, hitting its highest level in 13 years.

German consumer prices hit their highest levels in 30 years, rising to 4.1% in that month and prompting protests from workers demanding higher pay.

Rising energy prices have driven the increase, which isn't expected to end until 2021 before easing next year. Economists are debating whether the central bank needs to change its monetary policy.

Of the 19 countries affected by rising energy prices, France is the latest to increase measures to mitigate costs. Prime Minister Jean Castex said Thursday that the government will block natural gas price increases and rises in electricity taxes. Italy, Greece, and Spain have also announced measures to counteract inflation.

Energy prices may continue to increase with the transition from fossil fuels to other sources of energy.

"Things have picked up faster and that is true for growth, that is true for inflation, and that is true for employment," European Central Bank President Christine Lagarde told CNBC last month. "So, in a way, it is a package of good news because it means that our economies are responding."

Gas prices have reached record highs (see story above) while Russia's Nordstream II pipeline has just been completed. The EU is resisting buying Russian gas even as they run out of it. Go figure!