Europe's "Less" Is Doing More Than Anyone Gives It Credit For
The article argues that the European Union has successfully insulated its economy against energy shocks through long-term efficiency improvements. Despite global energy supply disruptions, the EU has maintained economic growth while significantly reducing energy intensity.
Why it matters
It challenges the narrative that Europe is economically failing due to energy dependence, highlighting the success of long-term sustainability policies.
Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge. The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has been effectively shut since March. Saudi output dropped around 1.9 million barrels a day in August, tanker rates are breaking records, and the EIA doesn't see Middle East production back near pre-conflict levels until the second quarter of 2027. Meanwhile, the European Union imports 57 percent of the energy it consumes and spent 340 billion on fossil fuel imports last year. By every rule of thumb we've leaned on for the last fifty years, Europe is the casualty in this story. The one that gets wrecked.
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