Ah, Europe and its perennial energy conundrums. Just when you thought it was safe to turn up the thermostat, the specter of gas shortages once again knocking on Europe’s door as it depletes its natural gas reserves at an unprecedented rate. Are fears of tough times ahead unfounded? The Great Gas Guzzle of 2025 We’ve arrived in January 2025, and Europe is burning through its gas reserves at a pace not seen in seven years. Cold snaps have residents cranking up the heat, leading to a rapid depletion of stored natural gas. Storage levels, which were comfortably above 90% in November, have now dipped to just over 70%. The accelerated gas drawdown, combined with the recent halt in Russian gas flows via Ukraine, has some analysts fearing the worst—disruptions. Turning Off The Taps On January 1, 2025, Ukraine decided not to renew its gas transit agreement with Russia, effectively stopping the flow of Russian natural gas to Europe through its pipelines. Yes, the move is a bold geopolitical statement. So much so that it has left several Central and Eastern European countries scrambling for alternative supply. Slovakia, for one, is having to rely on gas imports from Hungary. Austria is getting more gas […]