Europe's Next Energy Crisis Won't Be a War, It'll Be Peak Oil
Europe is currently contending with its third energy crisis in four years against the backdrop of near-constant global geopolitical friction and fracas. The continent’s over-reliance on foreign fossil fuel imports has been thrown into sharp relief in recent months and years as the European Union has
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed for 162 days, cutting global supply by 8 million barrels per day — yet WTI has fallen 30.8% from its highs to $78.18. If Europe faces an energy crisis, it won't be from scarcity. It will be from the price of the oil nobody can afford to buy during a demand collapse.