The writer is founder and chief investment officer of Andurand Capital Management
Russia has historically supplied about 30 per cent of the EU and UK’s gas consumption by pipeline. Those exports have already been cut by 75 per cent. If Moscow stops them entirely, will Europeans freeze to death in the winter, as Russian propagandists have been warning?
Almost certainly not. In fact, it looks like Europeans have a great deal more capacity in managing the situation than the fearmongers thought.
Much of European gas demand comes from heating. If Europeans just lower thermostats in their homes by an average of three degrees Centigrade — down to 19C this winter — that could make a big difference.
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