Europe, US on 'edge of an energy and economic catastrophe’ says President of US Oil and Gas

Tim Stewart raises the alarm on the dire energy crisis that Europe is heading into this winter and the repurcssions that Americans could face. The President of U.S. Oil and Gas Association comments that the situation “is really frightening,” and "most people don’t realize that we really are on the edge of an energy and economic catastrophe, if things don't start to play out the way that they should.” Stewart says that the Russians reduced the Nord Stream Pipeline natural gas supply “20% capacity” following the “G7 pledging to cap the price of Russian oil markets.” The Nord Stream pipeline accounts for 35% of Europe’s natural gas supply, and the Russian reducing the capacity has caused European natural gas prices to have "gone up to the equivalent of about $500 a barrel equivalent for now.” Stewart remarks, and you can't you can't run a business, you can't run your house, you can't run a school, when your energy prices are that high, and that's the the economic catastrophe that we're sitting on because of the manufacturing and agricultural sectors, they get hit so badly."

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