Europe is dependent on Russia for around 40% of its gas, thus making any supply restrictions extremely problematic, to put it mildly: for example, if Russia were to carry out its threat to cut off the gas. Similarly, refusals by the West to buy Russian oil beg the question of whether matching quantities can be secured from elsewhere. Given that oil is the lifeblood of industrial civilization, and we run the risk of a demand/supply gap, leading to soaring prices – $200 a barrel has been suggested – the economic consequences would almost certainly be catastrophic.
The European Commission has now pledged to curb massively its purchase of Russian gas: by some two thirds by the end of this year. The proposed mechanism for this includes establishing a greater diversity of suppliers, biomethane production, and energy efficiency strategies for buildings, including behavioural changes such as turning down thermostats to curb energy demand. Indeed, demand reduction must be a salient part of any viable future energy blueprint.
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