Europe’s gas crisis has entered a scary new phase. Last week, the biggest pipeline carrying Russian gas into Germany was closed for maintenance. And many in Europe fear the Russians will keep Nord Stream 1 closed indefinitely – putting further pressure on gas supply in the colder months.

Europeans are burning more coal, scrambling for new sources of gas, and committing to lots of renewable energy in a frantic attempt to slash reliance on Russian fossil fuels. But there are real questions about how quickly those solutions will shift the balance of power. 

Meanwhile, gas prices are soaring in markets around the world – leading to fears about recession and long-lasting economic impacts. What are the possible scenarios that could play out?

This week, host Jason Bordoff sits down with Anne-Sophie Corbeau and Dr. Tatiana Mitrova to explain the state of gas markets. 

Anne-Sophie Corbeau is a Global Research Scholar at the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs; Dr. Tatiana Mitrova is a Research Fellow at the Center on Global Energy Policy. 

Together, they discuss  how deeply the gas shocks will impact Europe, Russia, and the rest of the world.