Aleksey Miller, the CEO of Gazprom, a major Russian energy company, has raised concerns about Europe’s economy. He says that European industrial production is at its lowest levels ever, and the economy is struggling because it no longer has access to cheap Russian gas. This comes as the German government warns that it might experience its second straight year of recession in 2024.
A Shift in Energy Demand
During a recent speech at the St. Petersburg International Gas Forum, Miller discussed what he calls “demand destruction.” This term describes a situation where high prices or limited availability of gas lead to decreased demand. Essentially, when people can't afford gas, they start looking for other energy sources.
Miller even mentioned that some experts believe Europe is committing “energy suicide.” This means that by not relying on Russian gas, Europe might be harming its own economy. He also pointed out that Germany, once seen as the “economic locomotive” of Europe, ...
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