Europe was able to get away from Russian gas by sacrificing the economy

Europe managed to get away from Russian gas, although it was partially replaced by supplies from the United States and other countries at unstable prices. However, this is not very good for the European Union itself, as it indicates an increasing industrial decline. 

The reduction in LNG supplies affected sectors that previously depended heavily on cheap supplies of Russian pipeline gas – chemical production and metallurgy. The energy crisis has also had a negative impact on the economy.

Although gas prices in Europe fell by 80%, this did not help overcome the industrial downturn. According to forecasts, industrial gas consumption in Europe will be 20% below the level of 2021. This is due not only to prices, but also to the general deterioration of economic conditions.

Germany, as the largest European economy, has been particularly hard hit by this situation. In 2023, industrial production is expected to decline by 11%, which will lead to an even deeper industrial recession.

Experts fear that this trend may be long-term and lead to a decrease in demand and production in various industries, in particular, in the chemical industry. This is also due to rising interest rates, the transition to renewable energy sources and the relocation of businesses to other regions.

However, large-scale investments in liquefied natural gas infrastructure and an increase in its supply may mitigate the risks of gas shortages this winter.