This has been IMHO inappropriately hyped. We have an expected gas shortfall in Europe due to the mess made by one rogue actor (though Putin hasn't shut the pipes off yet, The existing price shocks are all speculative!). Petroleum production is fine. Gas production outside of Europe is fine. Existing interests in those industries have been exploiting the resulting price shocks (which are not the same thing as a crisis) to try to drive public policy decisions in their direction.
We've been here before in the 1970's when rogue actors tried to exploit their production capacity for political gain. It sucked, but we didn't get fusion out of it then either.
Frankly it's not even the first time we've had a supply shortfall. People tend to forget this, but we ran out of oil in the late 90's too! Turns out, there was lots more oil available at higher price points.
This has been IMHO inappropriately hyped. We have an expected gas shortfall in Europe due to the mess made by one rogue actor (though Putin hasn't shut the pipes off yet, The existing price shocks are all speculative!). Petroleum production is fine. Gas production outside of Europe is fine. Existing interests in those industries have been exploiting the resulting price shocks (which are not the same thing as a crisis) to try to drive public policy decisions in their direction.
We've been here before in the 1970's when rogue actors tried to exploit their production capacity for political gain. It sucked, but we didn't get fusion out of it then either.
Frankly it's not even the first time we've had a supply shortfall. People tend to forget this, but we ran out of oil in the late 90's too! Turns out, there was lots more oil available at higher price points.