Is Russia Using Energy as a Weapon Again?

Europe is experiencing energy turmoil, with spot prices for natural gas surging in the past month to levels five times those of a year ago. Some analysts see Russia as the villain in this new crisis, but the tight market has several other explanations: declining gas production in Europe itself, strong growth in Asia’s energy demand, depletion of gas reserves during the winter of 2020–21, and lower output from renewable sources such as wind and hydropower.

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