The New Era of Cheap Petrol Is Over

The war in Ukraine has cast a spotlight on Europe's energy dependency on Russia. Nearly half of Europe’s gas, along with petroleum and coal, come from the Russian Federation. But with no resolution to the war in sight, there is concern that Moscow will reduce its gas supply in retaliation to the tough sanctions imposed by the EU. Countries like Germany, Austria and Bulgaria would face severe economic consequences. Gas prices are already at record high and any supply shortage will have a direct impact on households and businesses. Despite the uncertainties, the president of the European Parliament has called for an accelerated transition to greener energy as an alternative to the bloc's reliance on Russian gas. The EU wants to shore up strategic fuel reserves, build more Liquid Natural Gas terminals and streamline its power grids. So how did Europe become so dependent on Russia and what are its options as it tries to build a new energy network? Join Ritula Shah and a panel of experts as they discuss energy security in Europe away from Russia.