A CONTEXTUAL ASSESSMENT OF EUROPEAN UNION’S ENERGY SUPPLIES IN MID 2022

Abstract

Following the pandemic, European Union’s decisions that backfire on its economy appear to be controversial. Bruxelles politicians oscillate between renewable energies and possible new hydrocarbon sources in a bid to eliminate Russian supplies. The study reveals that the EU has actually had problems with energy independence ever since the oil age began. The historical superpower approach on oil and gas adopted by USA and Russian Federation, a still relevant UK, combined with the rise of China as economic leader, leave little room for the EU to gain control over its energy supplies. The study identifies a sinuous relation between USA and the former USSR in terms of energy trade, but not only: while the two countries collaborated on different issues in recent history, their interests were both convergent and divergent and their approaches to international relations as well. Among others, the study identifies France as the single country with a company in top 10 world oil and gas companies by revenue, and the only EU country with a company in top 4 manufacturers of nuclear fuel at global level. The study concludes that unless the energy paradigm will shift significantly, EU’s chances to become energy independent are minimal.