Europe is facing a massive energy crisis. In this video, I talk about the reasons that have caused this crisis and the potential solutions that are needed to resolve this global problem.

In 2020 when the world took a hit from the pandemic, every country closed its borders, and imports and exports were almost nil. At that time, Europe, a major player in natural gas export, was not exporting the usual amount of natural gas to other countries. Now two years later, when everyone is trying to put the pandemic behind us and exports are getting back to normal, Europe is facing an increase in the demand for natural gas. As the demand for natural gas increases and the reserves are limited, we face a surge in prices.

But there is more reason for this energy crisis, and that is Russia. But how can Russia play a role in the European energy crisis? It's not even a part of Europe for all that. So why is Russia also a reason for the crisis? Russia may not be playing an active role in this, but it is definitely trying to get a profit out of this crisis. There have been concerns that Russia may be using the situation to agitate for the Nord Stream 2 pipeline, which was just built, to come online by refusing to supply more natural gas to Europe's storage facilities. In 2019 and 2020, Russia was the largest natural gas exporter to the European Union, accounting for more than 40% of EU imports. According to the International Energy Agency, Russian exports to the EU were down from 2019 levels, and "Russia might do more to increase gas availability to Europe and guarantee storage is filled to acceptable levels in preparation for the next winter heating season."

And how would this crisis impact the world? Well, the natural gas price will increase in the global market. According to a report, people living in different parts of Europe can face a yearly increase of about 700 pounds in their energy bill. So, a very VERY expensive energy bill.

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