From mid-2021 until late 2022, Europe and parts of Asia were gripped by an energy crisis, as oil, gas, coal and power prices surged, in some cases to record highs, forcing households and firms to cut use rapidly.
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Many factors are in play, but the basic fact is Europe needs to maintain its gas conservation efforts, keep importing large volumes of LNG and hope for clement weather. [Gas in Transition, Volume 3, Issue 3]