Forbes: Europe is putting itself in an unprecedented crisis that may be similar to the Arab oil embargo in the 1970s

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Forbes: Europe is putting itself in an unprecedented crisis that may be similar to the Arab oil embargo in the 1970s

Reuters

The American magazine “Forbes” said that Europe has put itself between the jaws of an unprecedented energy crisis, and some experts and observers believe that it may be similar to the Arab oil embargo in the seventies.

According to the economic magazine “Forbes”, the consequences of this crisis go beyond the economic dimension and may have serious political and social effects.

The newspaper pointed out that the price of Brent today reached a record high, reaching for the first time in 5 years, 84 dollars per barrel, while gas prices are five times higher than they were a year ago, adding that these reasons may push countries to rely on dirty coal instead of gas, and the postponement is being made. The European Union’s transition to green energy.

The magazine pointed out that the energy price crisis that Europe is currently experiencing is a result of the high demand for energy in the wake of the Corona epidemic, severe climatic changes (unprecedented heat waves and long winters), and disruptions in the energy supply market.

According to economic analyst and energy expert, Samer Moussa, Russian President Vladimir Putin “has a reason to open champagne in the face of new European Union sanctions against the Kremlin,” noting that the Russian president considers Europe to be harming itself by imposing sanctions on Russia.

The expert in the field of energy said that Europe found itself between a rock and an anvil, due to the lack of supply in the global natural and liquefied gas market during the last year, and it also lost two major sources of gas supplies, at a time when the reserve stock suffers from a significant shortage.

He added that any indications of the emergence of any crisis, whether it is climate disasters or supply disruptions, may force the markets to raise prices more.

Source: “Forbes”



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