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Jessica Karl

Europe Is Low on Energy

Shortages and soaring prices have the continent on recession watch.

A scarcity story.

A scarcity story.

Photographer: Dan Kitwood/Getty Images Europe

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It’s funny to stop and think about the fact that, a little more than two years ago, oil prices were negative. Some guy with a barrel of West Texas Intermediate was actually willing to pay another guy $40 to take the oil off his hands, like a Craigslist seller trying to pawn off their poorly assembled Wayfair furniture. Oil, like furniture, is a pain to store: Sometimes there’s simply nowhere to put it.