Europe's energy crisis is a series of shocks: the 1973 oil embargo, the 1979 Iranian revolution, the 2009 gas cut-off and the 2021-23 price crisis. The EU cut…
After the October 1973 war, Arab oil producers announced an embargo. Oil rose from $2.90 to $11.65 a barrel by January 1974.
Iranian output fell by 4.8 million barrels a day, about 7% of world supply, by January 1979. Prices more than doubled in a year.
Gas through Ukraine stopped by 7 January and more than 15 countries were affected. Flows resumed around 20 January.
Wholesale prices were rising before the invasion. The Commission set out what governments could do under existing rules.
Russia supplied about 45% of EU gas imports. Cuts and the Nord Stream halt followed, and gas hit about 319 euros per MWh on 26 August.
REPowerEU, a 90% storage duty and a voluntary 15% gas demand cut carried the EU through the first winter.
The Commission says Russian gas fell from 45% to 12% of EU gas, and solar and wind beat fossil fuels in 2025.
Regulation (EU) 2026/261 ends long-term Russian LNG on 1 January 2027 and long-term pipeline gas by 30 September 2027.
Almost 20% of global LNG was cut off, and EU storage ended winter near 28% full.
Market reports put gas near 90-92 euros and EU storage at 74.26% on 20 October, below last year. The crisis has not ended.
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