![]() He cautioned that these trends could spill over into political unrest and instability. “I think you’re going to see this escalate if something doesn’t happen to reduce the impact of these costs on households.” “Mass numbers of people are rebelling against paying the fuel bills,” he said. Rhind said that “grassroots organizations” had begun across the UK, as Brits refuse to pay their energy bills. ![]() The European energy crisis is expected to hit the United Kingdom the hardest, with its inhabitants expecting to lose 8.3 percent of their spending power solely due to rising energy costs. ![]() Rhind spoke with David Lin, Anchor and Producer at Kitco News. “A lot of these inflationary effects that we’ve seen in the economy are really going to bite towards the end of this year, and the beginning of next year.” “This is a real problem for people coming into the winter season,” he said. Rhind said that Europeans are getting “very nasty surprises” when looking at their gas and electricity bills. This could lead to economic calamity and political unrest, said Will Rhind, Founder and CEO of GraniteShares.Įurope’s expensive energy prices come as Russia, which supplies 40 percent of the European Union’s gas needs, has cut off its Nord Stream gas pipeline, citing maintenance. Energy prices are skyrocketing in Europe, with prices rising to 10 times their decade-long average.
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