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Turkey Is Suffering As Natural Gas Prices Soar

Geopolitics, Politics & Conflict

Turkey is one of the biggest natural gas importers in Europe and now finds itself in a difficult position where it has to buy more gas at skyrocketing spot market prices to get through the winter as contracts expire. Making matters worse, the lira is in a free-fall thanks to Erdogan’s latest move against the Central Bank, signifying that the bank is definitely not independent. This week, Erdogan fired three of the bank’s monetary policy committee members and replaced them with his own stooges. He’s also fired three central bank governors in less than three years. This latest move has sent the lira spiraling to a record low.

At a summit this week, European Union leaders pledged more support (vaguely) to Ukraine, the victim of Moscow’s gas politics, which has succeeded in bypassing Ukraine with gas and depriving it of much-needed transit revenues. Ukraine is not likely feeling any more at ease over what is largely an empty gesture at this point.

The fourth and fifth days of protests following a march through D.C. culminated in dozens of protesters staging a sit-in at the Department of the Interior, demanding that Biden halt approval for fossil fuels projects. Outside the venue, other demonstrators who did not make it into the building attempted to push past police, prompting police to use tasers. One police officer was reportedly sent for medical treatment as a result of the altercation. Indigenous…

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