Putin Cuts off Europe's Gas: The Closure of Nordstream 1 - TLDR News

On Monday, Russia shut down the Nordstream 1 pipeline, further shutting down Europe's access to Russian gas and putting the continent under increased strain. So in this video we'll explain what happened, why Putin shut of Europe's gas & what happens now

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[johnpotts]

This is eerily reminiscent of the 70s oil crisis. As the Saudis observed at the time, the long term consequence of cutting off supplies to the West would be to force the West to diversify away form Middle Eastern oil - which they did, leading to a long run decline in the price of oil. However, this will take time and in the short run both inflation and unemployment are likely to rise.

[rodh]

I think the 2020's will become known as the time the whole world learnt a lesson about global supply chains. Yes, global trade is very important and greatly helps each country's economy, but if you rely too heavily upon it you run into problems when it's no longer available. Too many nations have adopted a "just in time" approach to critical supplies from halfway around the world, and now they are suffering badly because of it. If the supply is really critical, keep a stockpile and diversify the supply chain so that the loss of any one supplier won't cripple your ability to function.

[majormoolah]

On the short term, this is painful. On the long term, this will give EU the will needed to get rid of fossil fuel addiction. OPEC is a drug cartel basically. We need more nuclear power.

[michaelmayhem]

Shout out to Putin for doing what the EU should have done the day Crimea was invaded by Russia.

[syriuszb]

Ok, last time you said oil was transported by barrels I was defending you, because it seemed like it could be read as "in last resort we could transport it by barrels". But now you straight up tell that oil is often transported in barrels. That's obviously wrong in scope of international trade, and it distract from the simple fact, that oil is liquid, you can just use tanker to transport it. For gas it is much more difficult, you need tech and it uses more energy, overall, it's much more difficult to transport gas than oil. But not because of barrels, if we could transport oil only in barrels, it could be even more costly to transport oil than LNG...

[muffika]

Honetly?
European leaders can thank themselves for the gas issue.
It is not new that Russia uses gas supplies to Europe as a bargaining chip.
The leaders of the EU and its countries should have acted well before the war in Ukraine, or even 2014 to start and reduce Russian gas dependency.
I always find it amusing to see the people in charge, who could have done something against it complain...

[shadeblackwolf]

I think Russia made a mistake with this one. Once those customers find another way to get their energy needs met, they will never come back

[jacobmartens]

Finally Russia does the right thing for once, and sanctions itself.

[devonhill]

I’ve been hearing a lot about this years winter and it sounds like the winter of 2022 will be one for the history books.

[drmajalis]

This might hurt the EU a lot in the short term, but it'll hurt Russia way more in the long term

The EU has the means and diplomatic favour to invest in nuclear or develop inroads with other energy suppliers

Russia very much does not unless they start building entirely new pipeline infrastructure towards the east- and Russia's economy is badly more dependent on selling energy to Europe then Europe's economy is dependant on Russian energy

[franklinclinton]

You could have also noted that this is a problem for Russia too. Europe is not only dependant on Russia, Russia is dependant on Europe.

[_NIKOS_NIKOS]

If this finally pushes gov officials to move towards renewable energy sources then I consider it good news

[DoomDutch]

I think in the long term this might be for the best for Europe, forcing us to reduce our gas needs,

[infoeducardo]

This is your second video stating that oil is transported in barrels. No it is generally transported by tankers (via ships or by road or train or whatever) and pipelines. The price is usually denoted in terms of dollars per barrel

[davidblair]

I, for one, applaud Putin for encouraging Europe to kick their fossil fuel habit. Now let’s hope European ministers and energy companies quickly build out their renewables, nuclear, and energy storage facilities, as they should have started doing years ago. The Ukraine war should have shown everyone that over-reliance on imported fossil fuels isn’t just bad environmental policy—it’s a major national security risk.

[ozzzguuunn]

in long term, Russia will be losing one. Europe can find gas anyway but Russia has to sell because their economy is dependent on it

[ismt]

Well, i was planning to go on a diet, but i guess it's better to be fluffy. Winter is coming, and i ain't going to be cold.

[anteeko]

On a side note, some have predicted that russia will deliver less gas whatever they want it or not due to the restriction (loosing necessary tooling, material, knowlege to keep production rate high)

[noahderrington]

Unless it wasn’t already blindingly obvious, we should have invested in renewables, tidal and nuclear since the 90s to achieve energy independence and sustainability. We should blank-cheque the transition to zero emissions energy with the urgency and scale of a wartime necessity.

[creatoruser]

Why does no one talk about the effect this will have on Russia? Everyone says a gas shutoff will be terrible for Europe, but Russia won't be unscathed if it happens. Until now only a few countries had their gas cut, so that raised gas prices and Russia profited because they were getting enough money from what they still were selling to make up for the loss. But three-quarters of Russia's gas exports go to Europe. If they cut off basically all of that, such a loss wouldn't be made up for by raised prices from the remaining one-quarter. Russia will finally start losing money from energy export restrictions. This is what advocates have been asking for, an embargo of Russian gas, and they're doing it themselves. Europe will have problems with heating and power, but Russia is already projected to have a 10-15% drop in GDP this year from sanctions, and voluntarily withholding that much gas would cause and even bigger loss, hurting their ability to keep funding the war, or the operation of their own country. Hoping Europe will cave before Russia has severe financial difficulties is a big gamble.