Economists are predicting that Europe and Asia will face a cataclysmic energy crisis when winter weather collides with drastically higher energy prices and shortages of oil, natural gas, and coal. There are warnings about widespread blackouts in Europe, factory shutdowns in China, and economic chaos in poorer countries like Bangladesh and Pakistan.
“If the winter is actually cold, my concern is we will not have enough gas for use for heating in parts of Europe,” said Amos Hochstein, the U.S. State Department’s senior advisor for energy security.
