Europe is expected to exhaust their gas reserves by February of next year. The entire continent is going to be in for some serious challenges in the coming months.
Europe may limp through the cold winter months with the help of brimming natural gas tanks despite a plunge in deliveries from former top supplier Russia only to enter a deeper energy crisis next year, the head of the International Energy Agency said.
European countries have filled storage tanks to around 90% of their capacity after Russia cut gas supplies in response to Western sanctions imposed over its invasion of Ukraine.
Gas prices, which surged in the months after the war began, have retreated, but that could be short-lived as countries compete to buy liquefied natural gas (LNG) and other alternatives to Russian pipeline deliveries.
To help tackle the price pain, the European Union is considering imposing a gas price cap, an issue that has divided the 27-nation bloc as some countries are concerned it could make securing supplies harder.
“With gas storages almost at 90%, Europe will survive the coming winter with just some bruises as long as there are no political or technical surprises,” Fatih Birol, executive director of the Paris-based IEA, told journalists in Finland.
The real challenges will begin in February or March when storage needs to be filled again after high winter demand has drained them to 25%-30%.
“This winter is difficult but next winter may also be very difficult,” Birol said.
It sounds like next winter could be even worse than this current winter.
These European countries should be asking some serious questions and reevaluating their existing alliance with the United States. It is obvious that the US intentionally destroyed the Nord Stream gas pipelines and forced them into destroying their economies with these insane sanctions on Russia.
All of this has been for what? So some illegitimate Jew clown can lord over a satanic dictatorship in the Ukraine?
There is zero benefit for European countries to go along with all of this insanity. They should tell the US to pound sand and reconcile with the Russians. Germany should be the first in line to do this. The destruction of those pipes impacted them the most. Unfortunately, all we’ve seen from them so far is their economic minister whining about the high price they have to pay for US energy.
