In The News

Oil CEO Makes Grim Prediction About The Duration Of Europe’s Energy Crisis

Royal Dutch Shell CEO Ben van Beurden warned reporters at a Monday press conference that Europe’s crisis, which is leading to skyrocketing prices and fuel rationing, could last for years, according to the Financial Times.

Van Beurden said that Europe’s gas shortages, which are spurring the continent’s energy crisis, may continue for a “number of winters,” the FT reported. The executive’s prediction comes after European fuel prices reached record highs on Friday, furthering Europe’s economic malaise as it struggles to cope with rampant inflation.

“It may well be that we will have a number of winters where we have to somehow find solutions,” van Beurden said. “That this is going to be somehow easy, or over, I think is a fantasy that we should put aside.”

Meanwhile, countries in the European Union (EU) are working to cut fuel consumption after benchmark natural gas prices soared to more than €343 per megawatt hour on Friday as the continent scrambles to stockpile supplies ahead of the winter months, according to the FT. Friday’s recorded prices were more than 30 times higher than benchmark prices two years ago and more than 10 times their current level in the U.S.

Shell and other massive oil companies are posting record profits due to the strong global demand for natural gas and other fossil fuels.

Russia, a leading supplier of natural gas, has continuously reduced deliveries into Europe via the Nord Stream 1 pipeline, exacerbating Europe’s crisis. Both Germany and Ukraine are accusing Russia of intentionally cutting off Europe’s natural gas flows to punish the EU for its support of Ukraine’s efforts to repel the Russian invasion.

However, Moscow denies these accusations, citing maintenance difficulties and blaming international sanctions for its reduced natural gas exports.

The EU’s 27 member states agreed in late July to voluntarily cut gas consumption by 15% between August and March 2023. However, mandatory cuts could be imposed by the EU if the supply crisis worsens.

Shell did not immediately respond to the Daily Caller News Foundation’s request for comment.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact

Jack McEvoy

Published by
Jack McEvoy

Recent Posts

Pentagon Reveals Why It Waited Days To Shoot Down Chinese Surveillance Balloon

The U.S. was able to collect valuable information on China’s surveillance capabilities while observing the…

15 hours ago

DNC Approves New Primary Calendar That Bumps Iowa, New Hampshire

The Democratic National Committee (DNC) approved a new calendar for the 2024 presidential primaries Saturday…

15 hours ago

More School Districts Ban ChatGPT. Here’s Why That’s A Bad Idea

Humans have a complicated relationship with new technologies. We generally appreciate the ways in which…

15 hours ago

One Way Racism

Ilhan Omar is calling the GOP racist for removing her from the Foreign Affairs Committee…

16 hours ago

Biden Luncheon Special, Ready in 10 Minutes – Conservative View from New Hampshire

By Ray Cardello for February 6, 2023 Season 16 / Post 8 Today I would…

16 hours ago

US (Finally) Downs Chinese Spy Balloon

The U.S. took down a Chinese spy balloon Saturday afternoon after the craft had traversed…

1 day ago