Since the start of last year, the cost of gas has increased by 700% throughout Europe

There is a chance that consumers and companies in Europe won’t have access to energy. According to Germany, a gas shortage might lead to a financial crisis akin to that of Lehman Brothers.

On July 11, the primary Nord Stream gas pipeline—which transports Russian gas to Germany—is scheduled to close for ten days to undergo repairs.

The G7 leaders are attempting to limit Russia’s gas exports, which are used to finance a sting operation in Ukraine and new LNG investments. And less developed nations now face more difficulties since they used to base their energy infrastructure on cheap gas.

The 1970s were like this for natural gas. According to Kevin Book, Managing Director of ClearView Energy Partners LLC, the world now views gas similarly to how it once viewed oil, and because of the crucial role gas plays in today’s economy and the pressing need for dependable and diversified supplies. To meet this demand, a huge wave of manufacturing investment will be necessary.

In response to the present situation, the G7 leaders have already stated that they will support government investment in gas projects.