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Energy Crunch Deepens as U.S. Warns Europe Isn’t Doing Enough

  • “If it’s a cold winter, there’s not enough supply”: Hochstein
  • Goldman says curbing demand is only option to rebalance market
Bloomberg business news
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Europe’s energy crunch is deepening, with gas and power prices hitting fresh records after the U.S. warned the continent isn’t doing enough to prepare for what could be potentially a dire winter.

With about a month to go before the start of the heating season, Europe doesn’t have enough natural gas in storage sites and isn’t building inventories fast enough either. Amos Hochstein, the U.S. State Department’s envoy for energy security, said on Friday he was worried about supplies this winter.