Tue, June 18, 2024

Europe’s Energy Deficit Carries On

Gas

Since the start of the Ukraine War, energy has been a major concern in the EU. While the sanctions have halted Russia to a degree, a lot of Europe is still dependent on its energy exports. In a recent push, Europe has decided to stop using Russian gas, but that’s caused further issues.

The timing is especially poor as Covid consequences start to pile up. Many economies have been stagnant and kept together by stitches these past few years. As the stitches break, we start to see housing crises across Europe, as well as steep price of living increases.

In France, the government announced that it wouldn’t be able to take the weight off of consumers. While the country is attempting to mitigate the effect of the energy crisis, the costs seem too high. That already marks a major bump in the road for the EU’s energy independence struggle against Russia.

Albeit no longer a part of the EU, the UK has joined the effort to free itself from Russian energies. However, that has brought a different kind of trouble, as the country’s economy is in a sordid state. For starters, it’s facing a massive housing crisis, along with the worst inflation in 40 years. On top of that, a looming threat of recession is present, and it’s becoming a more and more real possibility.

In June, experts believed the UK’s economy would grow by 0.4%, a slim margin already. However, it underperformed even that point, only managing to mark a 0.2% jump.

And as the new gas supply shifts to Norway, the EU seems to be considering price caps. However, the supplier advised against that, as its goodwill can only reach so far. We will see and follow how the situation develops, but tensions are running high all around.

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