Europe’s Self-Inflicted Energy Crisis

europe, energy, global, crisis, gas,
Middle East

Europe’s Self-Inflicted Energy Crisis

(GERMANY OUT) 1 Euro coin on a gas cooker. Symbol for: energy costs, Germany, Europe. (Photo by ... [+] Classen/ullstein bild via Getty Images) Europe is in the throes of an unprecedented energy crunch. Some call it a crisis, which, if not addressed, may be comparable to the Arab oil embargo of the 1970s – with dire economic, social and political consequences. Brent crude is at a 5 year high of $84 per barrel while spot natural gas prices are up more than 500% year-over-year, forcing highly polluting gas-to-coal switching and putting the brakes on the EU's green energy transition. Resurgent energy demand post-Covid, extreme weather events (unprecedented heatwaves and prolonged winters), supply chain disruptions, and poor regional and global stockpiling have all contributed to Europe's current crisis. Russia's supremo Vladimir Putin may have a reason to pop a champagne bottle in view of the EU's sanctions on the Kremlin. He says that Europe had created a self-inflicted wound. He may be right. Per Samer Moses, Manager of Global LNG Analytics at S&P Global Platts: "Europe finds itself between a rock and a hard place. With global liquified natural gas (LNG) markets tight for nearly a year, and Russia facing…

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