Germany’s industrial sector has sounded the alarm over a new emergency warning system to manage the country’s energy security in case Russia cuts supplies of natural gas.
German Economy Minister Robert Habeck on Wednesday announced a three-stage alert system that would ultimately give households and hospitals priority over industrial firms if gas usage had to be rationed.
The Kremlin upped the stakes in its standoff with Europe last week, by saying that “unfriendly” states would have to pay for their gas in rubles instead of euros or dollars.
G7 nations rejected the demand but the uncertainty has sparked fears that Moscow may turn off the taps in retaliation for sanctions imposed by the West over the invasion of Ukraine.
U.S. President Biden taps oil reserve for 6 months to control gas prices
WASHINGTON – U.S. President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.
Biden was making the formal announcement later Thursday in remarks on his administration’s plans to combat rising gas prices.
The federal carbon tax is set to rise April 1. How will that affect gas prices?
