German Minister of Finance, Wolfgang Schauble, proposed amendments to the European Comission’s prerogatives. Albeit between the lines it can be understood that it is all about preventing an investigation against Gazprom.
German Ministry of Finance informed on 30 July that the Minister Wolfgang Schäuble would like to deprive the European Commission of part of its powers in two fields, namely antitrust proceedings and, currently particularly important for Germans, enforcing compliance with the budgetary discipline by the member states
According to Schauble the European Commission is more politicized and its powers to fight against monopolies could be taken over by a new office, similar to the Federal Cartel Office
If it had a German boss, we could expect other decisions favourable to Russia. The Federal Gas Network Agency did not have a problem with Gazprom’s monopoly on the part of German pipelines, namely OPAL and NEL, which distribute gas from the Nord Stream Pipeline, thanks to which some traditional transit countries, in the first instance Ukraine, but also Poland, can be bypassed. The European Commission agreed that only a part of this system could be exempted from the anti-monopoly rules, and in face of Russian aggression in Ukraine did not allow for further concessions. However, they are demanded from a German regulator. It is all the more important in the context of a new Gazprom’s plan.
In face of the problems with construction of the Turkish Stream gas pipeline to Turkey as well as no chances of a fast turn of gas export to China, Russians have to expand the Nord Stream Pipeline if the still don’t want to transit through Ukraine, which is hostile towards them. It is the purpose which Nord Stream 2 project is to serve. It has already tempted European companies: Shell, E.on and OMV. They may be followed by the governments in Amsterdam, Germany and Vienna, which are traditionally optimistically predisposed to cooperation with Russians. It would match the Berlin’s plan, assuming that Germany would become a new gas hub, allowing Russians to bypass other transit countries and Germans to earn from transit through their territory. Infrastructure is being gradually prepared for enactment of this scenario. Russians buy out shares in consecutives pipe lines and gas storage facilities in Angela Merkel’s state.
The great global monetary tightening of 2015 is under way, but it’s not being led by theFederal Reserve.
Even as U.S. policy makers ponder whether to raise interest rates this month, one recent source of central bank liquidity in financial markets is drying up and the loss of it partly explains August’s trading volatility.
Behind the drawdown are the foreign exchange reserves run by the central banks. Bolstered following financial crises in the late 1990s as a buffer against capital outflows and falling currencies, such hoards fell to $11.43 trillion in the first quarter from a peak of $11.98 trillion in the middle of last year, according to the International Monetary Fund.
Ohio’s Utica Shale wells continue to break all previous production for the last 100 years.
The state’s 978 horizontal wells produced 5.5 million barrels of oil and 221 billion cubic feet of natural gas in the second quarter of this year, the Ohio Department of Natural Resources reported Thursday.
Ohio’s oil volume grew by 20 percent from the first quarter, when wells statewide produced 4.4 million barrels.
The state’s natural gas climbed nearly 21 percent, increasing from 183 billion cubic feet.