Commentary
Russian expansionism is a reality, and the dimensions of Europe’s looming energy crisis are broader and deeper than European Union leaders anticipated when the Ukrainian invasion began in February.
Natural gas prices are now nearly 10 times higher than their prior 10-year average. Coincidentally, they’re also about 10 times costlier than in the United States.
“This is the most extreme energy crisis that has ever occurred in Europe,” said Alex Munton, an expert on global gas markets at Rapidan Energy Group.
But how did Europe come to find itself facing the direst of circumstances since World War II, and what does it mean for the coming winter and beyond?…