by Martin Armstrong, Armstrong Economics:

The French, especially in Paris, are starting to feel the effects of the gas shortage. There are reports of cars queued for miles outside gas stations. Some have reported waiting for over an hour, only to find that there was no petrol left to fuel their vehicle.

Workers at TotalEnergies and Esso-ExxonMobil in France are on strike at the moment as well. This has led to three out of six refineries shutting down as production has been cut by 60% to 740,000 bpd. Over a third of TotalEnergies’ 3,500 stations are low on petrol. Workers are seeking a 10% salary increase as they feel the oil companies are reaping in profits amid this crisis.