On the one hand, experts say, Europe is better prepared for this energy crisis than the last. On the other, it is still waging a culture war against the most obvious path out.
Fuel prices have soared to ruinous levels since the Iran war left ships of oil and liquefied natural gas (LNG) stranded in the Gulf. The pain is most acute in Asia, but high energy prices are already causing panic in Europe. Shortages could hit the continent this month, oil company Shell warned last week. Donald Trump’s “go get your own oil” comments on Tuesday sent prices to their highest level since the start of the US-Israel attack on Iran. They briefly dipped below $100-a-barrel on Wednesday amid hopes that the war may soon end.
