Lately, Russian energy has been one of the pillars of the EU economy. Today, being deprived of cheap energy, the continent is going through a rather rough patch. Russian Gazprom has halted natural gas supplies through the Nord Stream pipeline to Europe, severely damaging its economy. Forbes columnist Sal Gilbertie believes that “those of us living in cold weather climes of the Northern Hemisphere are about to be hit with a massive increase in our wintertime household heating expenditures.” “Russian gas supply cutoffs will devastate the European economy,” he added. According to the columnist, Germany, having the largest GDP in the region, is likely to be hit first. Despite the fact that the US is less reliant on Russian gas imports, “US natural gas futures markets are up a stunning 95% year-over-year.” “Consumers across the Northern Hemisphere face an expensive, and in the case of Europe, a possibly cold and dangerous winter season this year. Americans need to be prepared for much higher winter heating bills than last year and plan accordingly,” Gilbertie concluded.
