The Energy Crisis, Explained

Since Russia cut off gas supplies in March during its invasion of Ukraine, Europe has been scrambling to find alternate sources of energy and stockpile gas before winter and the increased power use that comes with cold weather. Europe has stockpiled just enough natural gas to avoid certain catastrophe, experts say. The Organization of the Petroleum Exporting Countries, or OPEC, is the world’s leading cartel of oil producers. OPEC said this month that it would cut oil production by 2 barrels per day, causing oil prices to jump to $4 a barrel. Earlier this year, oil briefly reached a whopping $120 a barrel, but prices have actually remained lower than expected through the past few months. The price of oil has rebounded from its pandemic bottom. . . .