According to the International Energy Agency (IEA) in its quarterly gas market report on Monday, gas markets will likely remain tight well into 2023 as Russia restricts supplies and Europe cuts usage amid high prices and energy saving measures.
With worldwide natural gas consumption having tightened since 2021, and Europe has seen a record decline of 10% this year, consumption is expected to decline by 0.8% globally in 2022, and only rise 0.4% in 2023.
While backing away from its reliance on Russian oil may hurt the European economy in the short term, Europe will neither get poorer nor freeze this winter. What the current geopolitical outlook proves is that the EU can no longer rely on Russia, but with Europe's recent energy-saving practices and its transition to green energy, the continent will not only survive this energy war but come out on top in the end.
What the corporate elites and their friends in government seem to have ignored is the societal backlash they'll receive if this energy crisis continues. Europeans are sure to face life-threatening energy shortages this winter, with many likely to lose their jobs and much of their savings, which risks leading to public backlash on a revolutionary scale. The average taxpayer knows they'll be left on the hook for these price increases, and they're already showing a willingness not to pay.