The Big Take
Europe’s Energy Crunch Will Trigger Years of Shortages and Blackouts
To replace Russian gas, Europe is buying up fuel that used to go to developing countries.
Workers unload liquefied natural gas in Karachi, Pakistan.
Photographer: Asim Hafeez/BloombergThis article is for subscribers only.
Bills will be high, but Europe will survive the winter: It’s bought enough oil and gas to get through the heating seasons.
Much deeper costs will be borne by the world’s poorest countries, which have been shut out of the natural gas market by Europe’s suddenly ravenous demand. It’s left emerging market countries unable to meet today’s needs or tomorrow’s, and the most likely consequences — factory shutdowns, more frequent and longer-lasting power shortages, the foment of social unrest — could stretch into the next decade.