currently, it s the consumer in the first place and industry in the second but i think there will be a different compromise that will need to be found. ulrich, germany has said that they won t be using oil and gas from russia comejanuary. that is, what, six months away? can they really be ready for that? that remains to be seen. that depends, really, whether they can make or fill up all the tanks to 100% before the winter starts because then they can come through the winter and then if we ve got another six months until the next winter, so that gives them enough time to fully diversify their supply change for gas and russian oil. and, ulrich, as we know, you represent german business. how are they reacting to this energy uncertainty? of course they also look at their production processes, what they might need to cut, what they can cut without destroying their business. so i think the companies who are heavily dependent on gas, they are actually making contingency plans in terms of how
in march the release of american oil reserves to keep the market liquid but only for six months. and he visits the middle east and big opec players like saudi arabia. energy politics is clearly changing the rules of international diplomacy. so, with supply down and no immediate signs of that changing, what s the impact likely to be for all of us? well, let s start in europe, because a little earlier i caught up with the director general of the german british chamber of industry and commerce. dr ulrich hoppe, a real pleasure having you on the show. ulrich, can we start with this what happens onjuly 21st if the russians don t turn the gas back on? i think the german government will start with actually preparing for a rationing of gas. they have to then build plans up in how to deal with the coming winter and they have to then prioritise who gets gas in the first place and who gets in the second place.
an energy emergency? energy companies across the continent warn of higher prices. limited rationing is already under way in germany as the supply from russia starts to drop off. in america, they ve released more oil to the market but is it enough to keep us all going? with more sanctions and cold weather on the way, are we looking at a perfect storm for the energy market? i m going to be discussing all of that with these two, there they are, dr ulrich hoppe, the director general of the german british chamber of industry and commerce. and helima croft, a member of america s national petroleum council, which advises the us energy secretary on strategy. also on the show, the big boss of the middle east s oldest privately held oil and gas company, crescent petroleum, joins me to talk about those skyrocketing prices, energy supply and the impact of the war in ukraine.
The effect of Brexit on British manufacturing is highlighted in new data that shows trade between the United Kingdom and Germany has slumped since 2016.