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Europe took the threat seriously and probably staved off a humanitarian disaster this winter. Good for them. Germany has nearly filled its tanks at 10 times the recent average annual cost. This has triggered a price drop, since the tanks hold (for Germany) about 70 days of what the country needs during an average winter and demand is unlikely to increase. Futures are trading at about 6 times last year's cost. Recession is likely across Europe. The UK is capping what individuals will have to pay for energy this winter, but businesses are going under. This is all quite a heavy price for outsourcing energy production, and it's only going to get worse, war or no war.
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