Six Facts: What We Need To Know About Europe’s Energy Crisis

Six Facts: Explaining Europe’s Energy Crisis

1. Europe depends on petroleum and natural gas for more than half of its energy needs.

2. Among its energy imports, Europe gets natural gas from seven countries.

3. But demand depends on the country.

3. The price of natural gas is way up.

4. Storage is also an issue.

5. Based on Brent, the price of crude is up again.

6. Occupying 40% of tan average household bill, the wholesale price of energy is helping to worsen the energy crisis.

Our Bottom Line: Energy Crisis Causes

  • Gas storage levels are low.
  • EU carbon prices are high.
  • Asia is demanding more liquefied natural gas.
  • There have been infrastructure outages.
  • Even with this year’s warmer temperatures, demand rises during the winter.
  • Norway has said it cannot replace a diminished supply of natural gas from Russia.
  • Europe reported 5.6% inflation for January 2022.

--

--

Located at the intersection of current events, history, and economics, econlife® slices away all of the layers that make economics boring and complex.

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store