Sputnik News
Moscow has repeatedly warned European nations that the decision to cut themselves off from Russian energy would mean the collapse of entire sectors of the European Union’s economy. On Friday, President Putin accused the perpetrators of the attacks on Nord Stream of embarking “on the destruction of Europe’s entire energy infrastructure.”
Without Russian gas, Europe’s dependence on America is all but guaranteed, Welt business observer Daniel Wetzel has indicated.
In a piece this week exploring the European Union’s precarious energy situation, Wetzel pointed out the that bloc’s room for maneuver is extremely limited when it comes to finding vast quantities of gas at reasonable prices to replace those traditionally provided by Russia.
The observer cited a study recently commissioned by German gas industry association Zukunft Gas by Cologne University’s Energy Economics Institute, which modeled scenarios for Europe’s gas demand and the ability by countries outside the region to deliver.
The study found that over the long term, increased imports from countries like Norway, Azerbaijan and Algeria could only absorb demand for a short period, with only the United States enjoying the capability to provide Europe with the needed energy with its fracking-derived gas, for a price.
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