FAST FIVE: How Europe's Energy Crisis Could Turn Into A Food Crisis
How Europe's Energy Crisis Could Turn Into A Food Crisis Authored by Irina Slav via OilPrice.com, Runaway energy inflation has taken a toll on European industry, but another threat is looming.
Runaway energy price inflation has wreaked havoc on European industrial activity, with the heaviest consumers taking the brunt.
Even during the coldest parts of the cold war, these products kept flowing so business was running.
On the other hand, sanctions have elicited a response from Russia that was probably not expected, although it should have been: exports have been slashed, leaving import-dependent Europe vulnerable to food shocks, and exposing yet another dangerous dependency.
Of course, a big part of this inflation is due to energy cost inflation since fertilizer production is an energy-intensive process.