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Europe’s Energy Crisis Is Coming for the Rest of the World, Too
Millions of people around the globe will feel the impact of soaring natural gas prices this winter.
www.bloomberg.com
This winter, the world will be fighting over something that’s invisible, yet rarely so vital—and in alarmingly shorter supply.
Nations are more reliant than ever on natural gas to heat homes and power industries amid efforts to quit coal and increase the use of cleaner energy sources. But there isn’t enough gas to fuel the post-pandemic recovery and refill depleted stocks before the cold months. Countries are trying to outbid one another for supplies as exporters such as Russia move to keep more natural gas home. The crunch will get a lot worse when temperatures drop.
The crisis in Europe presages trouble for the rest of the planet as the continent’s energy shortage has governments warning of blackouts and factories being forced to shut.
The really weird part about this is that we're basically floating on natural gas.