Thursday, March 19, 2026
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How Europe Stumbled into Yet Another Energy Downturn

The turmoil currently raging in the Middle East is reawakening memories of earlier crises that rocked the European Union. The President of the European Commission accused Russia of manipulating the EU’s energy market while standing at her podium in the European Parliament seven months after Russia began its full-scale invasion of Ukraine in February 2022.

As consumers throughout the continent were affected by skyrocketing energy prices, Ursula von der Leyen declared, “They prefer to flare the gas than to deliver it.” “This market is not functioning anymore.”She insisted that Europe was already shifting away from Russian gas and toward more reliable allies like the US and Norway. “This is a war on our energy, a war on our economy, a war on our values, and a war on our future,” she said.

However, after four years, deep energy-linked frustration reappears in the center of Europe. We promised to learn. A very irate European official told me, “We promised things would change, but here we are.” To speak freely, he requested anonymity.

He was gritting his teeth over Europe’s mounting energy shock, brought on by the raging crisis in the Middle East, which could overwhelm a summit of European leaders on Thursday in Brussels.

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Thursday, March 19, 2026

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