So many words, so much alarm but on the gas price ceiling, there is no agreement between the European ministers – Friulisera

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If you want to see the glass half full, there is still a window of opportunity, the energy ministers of the European Union have decided to give a mandate to the European Commission to put pen to paper within the next week the emergency measures illustrated to tackle the terrible energy crisis, but the main measure, the ceiling on the price of gas remains outside the list of “things to do”, at least for now. The reason is not only that not all countries are in favor, but that the pressures of the energy lobbies are still being felt in a very strong and blackmail manner, so much so that the positions of the “twenty-seven” are very varied, linked to national interests and to the weight that energy “investors” have in individual countries and in their banking and financial structures. Basically there are those who reject any intervention, those who support the idea of ​​a ceiling only on Russian gas and those who would prefer a generalized ceiling on all gas imported into Europe, by ship or by pipeline. Which would mean putting out of action above all the imports to the stars and stripes. So far the news, but in reality, to understand speculatory dynamics well, we need to analyze the gas “market” between rules and transparency. It must be said that the dizzying prices of gas are not related, if not the smallest part to the costs of extraction and pumping, but to the fact that a handful of speculators, with the support of thousands of more or less obvious “investors”, have decided to ride the European energy contradictions and the short-sighted imbalance made by some countries towards the Russian market. Certainly Putin’s gas was in the past the cheapest but today the differential will be paid with interest. Gas has become the most powerful weapon in the hands of the dictator Putin to blackmail and strangle the European economies. The prices that are upsetting Europe, however, and this is the paradox, are not formed in Moscow but in the very western Netherlands, at the Title Transfer Facility, a reality more commonly known as TTF or the gas exchange. When we talk about “bags” in the collective imagination we mean the classic ones that dealt with securities, but in reality there are many “bags”. In addition to the aforementioned TTF, there are other similar structures that in theory would have the purpose of bringing together producers and buyers, so that they can agree on prices and deliveries of the products object of their negotiations, but which in reality turn into speculators in the hands of a few people with great interconnected interests. It is the distortion of the free market, it is the “beauty capitalism” one would say, paraphrasing a famous film joke. There are actually many exchanges, each with its own specificity: that of London for minerals, that of Chicago for agricultural grains and that of Amsterdam precisely for gas. Their history is ancient, dating back to the late nineteenth century, when these regulatory bodies were, however, frequented above all by producers, wholesalers and processing companies. Their purpose was to marginalize, unbelievable, attempts at monopoly and speculation. Paradoxically, today it is those who favor speculation by drugging the product offer and prices. Over time they have been populated above all by subjects interested not in selling or buying, but only in engaging very short-term bets on the future trend of prices, all with virtual capital movements. The problem is that this speculative activity has become so broad, if not pre-eminent, that it has shifted the gravitational center of price formation. In fact, if in normal conditions prices are determined by real traders who force speculators to play the role of small opportunists, when finance prevails and this is composed of the digital shift of numbers, the situation is reversed and speculation determines prices. and real traders must adapt or perish. From these dynamics comes the roller coaster of prices that threatens to bring production activities to their knees. Returning to the gas affair, the Amsterdam stock exchange founded in 2003, among other things on a totally telematic basis, was strongly sponsored by the Dutch government which wanted to make its country a commercial gas platform at European level. Successful operation, taking advantage of three favorable elements. Holland is a gas producer, it is the crossroads of a dense network of gas pipelines that connects it at the same time to producing countries, such as Norway, Russia, Great Britain and to consuming countries, such as Germany, Belgium, France and the latest actor, it has the infrastructure necessary to receive and store LNG, the liquefied gas that travels by ship. The problem is that in a short-sighted way some countries, Gemania in the lead, but above all the EU, which is often concerned about the mythical length of sardines or the caliber of clams, have let it go, probably thinking that the geopolitical situation was stable. Error of evaluation that is paid today. It will therefore be difficult, without an action of “force” that Holland and its allies give up. It will be a game to be seen, the need to put a cap on the price of gas for some countries is equivalent to survival. We will have to wait half a month to understand if the European Commission will be able to take the situation in hand, not only by putting the ceiling on the price, but by promoting a profound reform of the stock exchange system, to limit the bizarre prices and thus cut the claws of speculators. , which as we have already had occasion to recall, are not abstract beings, but have names, surnames and positions. These gentlemen and those who support them should understand that putting the lives of the weakest at risk, that the main effect of speculation, calls into question the very strength of societies, could easily generate waves of violence. And in this case, speculators should be more afraid of angry peoples than of a justice that they have often managed to drug with money. As if to say: pulling the rope too much could break it.

The article is in Italian

Tags: words alarm gas price ceiling agreement European ministers Friulisera

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