Europe Can Survive a Bad Winter
Europe is in the middle of an energy crisis. Uncertainty over the flow of natural gas owing to Russia’s war in Ukraine has caused a spike in prices. The price of natural gas has soared to as much as $500 per barrel of oil equivalent, 10 times the normal average, fueling fears of winter shortages and cold homes.
Key commodities have already been affected. Fertilizer production, which requires large inputs of natural gas, is being shut down due to high prices. Manufacturers are hoarding glass in anticipation of future shortages. Climate change has made the situation worse, as a historic drought is drying up Europe’s rivers and cutting into hydroelectric capacity.… Seguir leyendo »