Energy prices are skyrocketing in Europe, with prices rising to 10 times their decade-long average. This could lead to economic calamity and political unrest, said Will Rhind, Founder and CEO of GraniteShares.
Rhind said that Europeans are getting “very nasty surprises” when looking at their gas and electricity bills. “Mass numbers of people are rebelling against paying the fuel bills,” he said. “I think you’re going to see this escalate if something doesn’t happen to reduce the impact of these costs on households.”“It’s already happening,” said Rhind. “On practically every political agenda has been talk of capping fuel prices, talks of some kind of intervention in energy markets.
He pointed out that European politicians had invested in so-called green energy schemes, like wind and solar, but that “this has not come online quick enough, in the sort of size needed, to offset these losses that we’re seeing in traditional energy sources.”
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