Spanish residents reduce electricity, fuel consumption

By Al Mayadeen Net
Source: Agencies
4 Apr 2022 19:33

Sanctions on Russian oil caused European countries' residents to reduce their consumption of automobile fuel and stop using heating at home.

The Almaraz nuclear power plant Caceres, Extremadura, Spain

A poll conducted by El Pais Spanish newspaper and Cadena Ser broadcaster showed that a total of 62.5% of Spanish residents have decreased their electricity consumption, and 58% started using less motor fuel, as energy prices kept rising worldwide following the war in Ukraine and the sanctions imposed by the West on Russia.

The survey included a total of 2,000 Spanish participants above 18 and was conducted online from March 22-28.

Only 16% of the respondents have not yet started to decrease electricity and fuel consumption; however, they mentioned they are considering the option.

Up to half of the participants have stopped the use of heating at home, 44% began to buy less food and consumer goods, and only 22% are stocking up for rainy days.

Responding to whether or not the war in Ukraine will have a long-term negative impact on Spain and the EU economies, 7 out of 10 respondents had positive answers.

Russia had launched a special military operation for several reasons, including NATO's eastward expansion, the Ukrainian shelling of Donbass, the killing of the people of the Donetsk People's Republic and Lugansk People's Republic, and Moscow wanting to "denazify" and demilitarize Ukraine.

In response, the US and its allies have rolled out comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.

How did the sanctions affect oil prices?

Sanctions that were implemented by the EU, US, Canada, Australia, and other western allies on Russia come with the aim to suppress the Russian economy - how has that been going so far?

The Russian operation in Ukraine triggered soaring oil prices and pushed investors to shift money into ultra-safe US government bonds. Brent crude oil prices have taken a hike to $120 a barrel as Russian exports are disrupted by the wave of sanctions implemented on Russia, with fears arising of Washington slapping sanctions on Russian oil.

The price for May 2022 futures contracts for Brent crude oil increased 5.83% on the ICE Exchange, increasing to $111.09 a barrel. The last time Brent crude prices exceeded $111 per barrel was in July 2014.

In February, Brent crude prices have seen a 37% increase, as the six-month contract's spread hit an all-time-high record which indicates a shortage of supplies.